MARKET COMMENTARY ON 07TH APRIL 2009
GBP/USD closed lower due to profit taking on Monday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the week's rally, January's high crossing at 1.5270 is the next upside target. Closes below the 20-day moving average crossing at 1.4349 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4960. Second resistance is January's high crossing at 1.5270. First support is the 10-day moving average crossing at 1.4530. Second support is the 20-day moving average crossing at 1.4349.
EUR/USD closed lower due to profit taking on Monday as it consolidated some of last week's rally but remains above the 10-day moving average crossing at 1.3390. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If June extends last week's rally, March's high crossing at 1.3730 is the next upside target. Closes below last Monday's low crossing at 1.3120 are needed to confirm that a short-term top has been posted.
USD/CHF posted a key reversal down on Monday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are still possible. If June extends last week's rally, March's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/CAD closed lower on Monday due to profit taking as it consolidated some of last week's rally but remains above the 10-day moving average. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally, March's high crossing is the next upside target. Closes below last Wednesday's low crossing would confirm that a short- term top has been posted.
USD/JPY closed lower on Monday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 75% retracement level of last fall's rally crossing 98.10 is the next downside target. Closes above the 20-day moving average crossing 101.90 would temper the near-term bearish outlook.
GBP/USD closed lower due to profit taking on Monday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the week's rally, January's high crossing at 1.5270 is the next upside target. Closes below the 20-day moving average crossing at 1.4349 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4960. Second resistance is January's high crossing at 1.5270. First support is the 10-day moving average crossing at 1.4530. Second support is the 20-day moving average crossing at 1.4349.
EUR/USD closed lower due to profit taking on Monday as it consolidated some of last week's rally but remains above the 10-day moving average crossing at 1.3390. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If June extends last week's rally, March's high crossing at 1.3730 is the next upside target. Closes below last Monday's low crossing at 1.3120 are needed to confirm that a short-term top has been posted.
USD/CHF posted a key reversal down on Monday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are still possible. If June extends last week's rally, March's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/CAD closed lower on Monday due to profit taking as it consolidated some of last week's rally but remains above the 10-day moving average. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally, March's high crossing is the next upside target. Closes below last Wednesday's low crossing would confirm that a short- term top has been posted.
USD/JPY closed lower on Monday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 75% retracement level of last fall's rally crossing 98.10 is the next downside target. Closes above the 20-day moving average crossing 101.90 would temper the near-term bearish outlook.
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