GBP/USD closed lower on Tuesday due to profit taking as it extends last week's trading range. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing at 1.4685 are needed to confirm that a short-term low has been posted. If June renews the decline off April's high, the reaction low crossing at 1.4145 is the next downside target. First resistance is last Friday's high crossing at 1.4755. Second resistance is April's high crossing at 1.5010. First support is last week's low crossing at 1.4410. Second support is the reaction low crossing at 1.4145.
EUR/USD closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends last week's rally, the reaction high crossing at 1.3345 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 1.2575.
USD/CHF closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June renews last week's rally, the reaction high crossing at 1.1565 is the next upside target.
USD/CAD closed slightly higher on Tuesday as it consolidates above the 10-day moving average. 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 renews last week'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 higher on Tuesday as it extends this month's decline. Profit taking tempered early gains and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish but are overbought hinting that a short-term top might be near. If June extends this month's rally, March's high crossing at 101.10 is the next upside target. Closes below the 20-day moving average crossing at 99.20 would signal that a short-term top has been posted.
