MARKET COMMENTARY ON 02ND APRIL 2009
GBP/USD closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high- range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4235 are needed to confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.4420 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.4450. Second resistance is last Tuesday's high crossing at 1.4768. First support is the 20-day moving average crossing at 1.4235. Second support is Monday's low crossing at 1.4120.
EUR/USD closed higher due to short covering on Wednesday as it consolidates some of Monday's decline but remains below the 10-day moving average. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends Monday's decline, the 20- day moving average crossing at 1.3125 is the next downside target. Closes below the 20-day moving average crossing at 1.3125 would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.3450 would temper the near-term bearish outlook in the market.
USD/CHF closed higher on Wednesday due to short covering as it consolidates some of Monday's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. Closes above the 10- day moving average crossing would temper the near-term bearish outlook.
GBP/USD closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high- range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4235 are needed to confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.4420 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.4450. Second resistance is last Tuesday's high crossing at 1.4768. First support is the 20-day moving average crossing at 1.4235. Second support is Monday's low crossing at 1.4120.
EUR/USD closed higher due to short covering on Wednesday as it consolidates some of Monday's decline but remains below the 10-day moving average. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends Monday's decline, the 20- day moving average crossing at 1.3125 is the next downside target. Closes below the 20-day moving average crossing at 1.3125 would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.3450 would temper the near-term bearish outlook in the market.
USD/CHF closed higher on Wednesday due to short covering as it consolidates some of Monday's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. Closes above the 10- day moving average crossing would temper the near-term bearish outlook.
USD/CAD closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends Monday's decline, the reaction low crossing is the next downside target. Closes above the Monday's high crossing would temper the near-term bearish outlook in the market.
USD/JPY closed lower on Wednesday and extended last week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the reaction low crossing at 99.80 is the next downside target. Closes above the reaction high crossing at 101.70 would temper the near-term bearish outlook.
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