Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Apr 13 09 08:24 GMT |

EUR/USD closed lower on Thurs and below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing are needed to confirm that a short-term top has been posted. If it renews last week's rally, March's high crossing is the next upside target. USD/JPY closed higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but are neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bearish outlook. If it extends this month's decline, the 75% retracement level of last fall's rally crossing is the next downside target. GBP/USD closed lower on Thursday as it extends last week's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are neutral to bearish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off March's low, January's high crossing is the next upside target. USD/CHF closed higher on Thursday and below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing would confirm that a short-term top has been posted. If it renews last week's rally, March's high crossing is the next upside target. HY Markets http://www.hymarkets.com