GBP/USD closed higher on Wednesday as it extends the rebound off last week's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral hinting that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at 1.4690 confirms that a short-term low has been posted. If June extends today's rally, this month's high crossing at 1.5050 is the next upside target. Closes below last week's low crossing at 1.4417 would renew the decline off April's high and could lead to a test of the reaction low crossing at 1.4175. First resistance is today's high crossing at 1.4820. Second resistance is April's high crossing at 1.5050. First support is last week's low crossing at 1.4417. Second support is the reaction low crossing at 1.4175.
EUR/USD closed higher on Wednesday renewing the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, the reaction high crossing at 1.3400 is the next upside target. Closes below last week's low would open the door for a possible test of March's low crossing at 1.2620.
USD/CHF closed higher on Wednesday renewing the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, the reaction high crossing is the next upside target.
USD/CAD closed sharply higher on Wednesday renewing the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, April's high crossing is the next upside target. Closes below the 20-day moving average crossing would temper the friendly outlook.
USD/JPY closed lower on Wednesday due to profit taking as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be near. Closes below the 20-day moving average crossing at 97.00 would signal that a short-term top has been posted. If June extends this month's rally, March's high crossing at 99.10 is the next upside target.
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