MiddleEastForex: EUR/USD closed higher on Monday as it extends last week's ra (more...) Wed Aug 18 02:07:07 2010
18/08/2010 02:07:07 AM GMT
EUR/USD closed higher on Monday as it extends last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. 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 above the 10-day moving average crossing would temper the bullish outlook.
USD/JPY closed lower on Monday and remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning bearish signalling that a short-term high is in or near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the aforementioned rally, weekly resistance crossing is the next upside target.
GBP/USD closed higher due to short covering on Monday but remains below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that additional weakness is possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the near-term bearish outlook.
USD/CHF closed sharply lower on Monday but reamains above the 10-day moving average crossing signalling that a short-term top is in or is near. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning bearish signalling that a short-term high is in or near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. ¬
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