Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Apr 08 09 03:18 GMT |

EUR/USD closed sharply lower due to profit taking on Tuesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the week's rally, January's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. USD/JPY closed lower due to profit taking on Tuesday as it consolidated some of last week's rally and is trading below support marked by the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the week's rally, January's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. GBP/USD closed lower due to profit taking on Tuesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the week's rally, January's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. USD/CHF closed lower due to profit taking on Tuesday as it continued Monday's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the week's rally, January's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. HY Markets http://www.hymarkets.com