GBP/USD closed lower on Friday due to profit taking overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it renews last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
EUR/USD closed higher on Friday and trading above the 20-day moving average crossing. Stochastics and the RSI have turned bullish signalling that a short-term low might be in or is near. Closes above the 20-day moving average crossing would confirm that a short- term low has been posted. If it renews this month's decline, the reaction low crossing is the next downside target.
USD/CHF closed lower on Friday and is trading below the 20-day moving average crossing. Stochastics and the RSI are turning bearish signalling that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted. If it renews this month's rally, March's high crossing is the next upside target.
USD/CAD closed higher on Friday and is trading above the 10-day moving average crossing. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing would temper the near-term bearish outlook in the market.
USD/JPY closed lower on Friday as it extends last week's decline. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above last Friday's high crossing would confirm that a short-term bottom has been posted.
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