Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Apr 29 09 03:18 GMT |

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 signalling that sideways to higher prices are possible near-term. If it extends last week's rally, the reaction high crossing is the next upside target. Closes below last week's low would open the door for a possible test of March's low crossing. 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 it extends this month's rally, March's high crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a short-term top has been posted. 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 are needed to confirm that a short-term low has been posted. If it renews the decline off April's high, the reaction low crossing is the next downside target. 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 signalling that sideways to higher prices are possible near-term. If it extends this month's rally, March's high crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a short-term top has been posted. HY Markets http://www.hymarkets.com