MARKET COMMENTARY ON 20TH MARCH 2009
GBP USD closed sharply higher for the second day in a row on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below Wednesday's low crossing would confirm that a short-term top has been posted.
EUR/USD closed sharply higher for the second day in a row on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 62% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF closed sharply higher and tested the 50% retracement level of the December-March decline crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 62% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CAD closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing at is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed sharply higher for the second day in a row on Thursday and above the reaction high crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below Tuesday's low crossing would confirm that a short-term top has been posted.
GBP USD closed sharply higher for the second day in a row on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below Wednesday's low crossing would confirm that a short-term top has been posted.
EUR/USD closed sharply higher for the second day in a row on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 62% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF closed sharply higher and tested the 50% retracement level of the December-March decline crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 62% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CAD closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing at is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed sharply higher for the second day in a row on Thursday and above the reaction high crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below Tuesday's low crossing would confirm that a short-term top has been posted.
