MARKET COMMENTARY ON 30TH MARCH 2009
GBP/USD closed lower on Friday and below the 10-day moving average crossing at 1.4380 signaling that a short- term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4191 are needed to confirm that a short-term top has been posted. If June renews this month's rally, February's high crossing at 1.4940 is the next upside target. First resistance is Tuesday's high crossing at 1.4762. Second resistance is February's high crossing at 1.4940. First support is today's low crossing at 1.4280. Second support is the 20-day moving average crossing at 1.4191.
GBP/USD closed lower on Friday and below the 10-day moving average crossing at 1.4380 signaling that a short- term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4191 are needed to confirm that a short-term top has been posted. If June renews this month's rally, February's high crossing at 1.4940 is the next upside target. First resistance is Tuesday's high crossing at 1.4762. Second resistance is February's high crossing at 1.4940. First support is today's low crossing at 1.4280. Second support is the 20-day moving average crossing at 1.4191.
EUR/USD closed lower on Friday and below the 10-day moving average crossing at 1.3410 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the 20-day moving average crossing at 1.3055 is the next downside target. Closes below the 20-day moving average crossing at 1.3055 would confirm that a short-term top has been posted.
USD/CHF closed sharply lower on Friday and below the 10-day moving average crossing signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If June renews this month's rally, the 62% retracement level of the December-March decline crossing is the next upside target.
USD/CAD closed lower on Friday due to profit taking as it consolidated some of this month's rally. The mid- range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If June extends this month's rally, the reaction high crossing is the next upside target.
USD/JPY closed higher on Friday due to short covering as it consolidates some of this week's decline. The mid- range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing would temper the near-term bearish outlook.
