FOREIGN EXCHANGE
EUR/USD closed higher on Thursday as it extended this year's rally. Profit taking tempered early session gains and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that additional gains are possible near-term. If it extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing are needed to confirm that a short- term top has been posted.
USD/JPY closed higher on Thursday as it extends this week's rally above the 50% retracement level of this year's decline crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off November's low, the 62% retracement level crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term high has been posted.
GBP/USD closed higher due to profit taking on Thursday as it consolidated some of this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If its extends this week's rally, November's high crossing is the next upside target. If it renew the decline off November's high, October's low crossing is the next downside target.
USD/CHF closed sharply higher due to loss taking on Thursday as it consolidated some of last week's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing are needed to confirm that a short-term high has been posted. If it renews this month's rally, the 38% retracement level of the 2008-2009-decline crossing is the next upside target.
BULLION
Gold closed higher on Thursday as it extended this year's rally. Profit taking tempered early session gains and the market is closed on Friday, due to the Good Friday in the US. Stochastics and the RSI are overbought but remain neutral to bullish signalling that additional gains are possible near-term. If its extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing are needed to confirm that a short- term top has been posted.
Silver closed higher on Thursday as it extends the rally off this month's low. The market is closed on Friday, due to the Good Friday in the US. Stochastics and the RSI are becoming overbought but remain bullish signalling that sideways to higher prices are possible near-term.
U.S. STOCK MARKET INDICES
DJI closed higher on Thursday due to profit taking. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. SPI closed higher on Thursday due to profit taking as it consolidated some of this week's rally. The mid-range close sets the stage for a steady opening on Friday. If its renews this fall's rally, the 62% retracement level of the 2007-2008-decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. NDI closed higher on Thursday as it consolidated some of this week's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed higher on Thursday and posted a new contract high. Profit taking tempered early session gains. The market is closed on Friday, due to the Good Friday in the US. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this year's rally, the 87% retracement level of 2008's decline on the weekly continuation chart crossing is the next upside target.
Natural Gas closed higher due to loss taking on Thursday as it consolidates some of this fall's decline. The market is closed on Friday, due to the Good Friday in the US. Stochastics and the RSI are bullish signalling that additional weakness is possible. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted.
COFFEE
Coffee closed higher due to short covering on Thursday as it consolidated some of this week's decline. The market is closed on Friday, due to the Good Friday in the US. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term bearish outlook.
Sunday, April 4, 2010
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