Foreign Exchange Market Commentary – Daily 07.30.2010
Posted by adminEUR/USD closed higher on Thursday and is challenging the 38% retracement level of the 2009-2010-decline crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging but are bullish signalling that additional short-term gains are possible. If it extends the rally off June’s low, the 50% retracement level of the 2009-2010-decline 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 on Thursday as it extends Wednesday’s short covering rebound. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible. If it extends Tuesday’s rally, the reaction high crossing is the next upside target. Closes below this month’s low crossing are needed to renew this year’s decline.
GBP/USD closed higher on Thursday as it extends the rally off May’s low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends the aforementioned rally, the 62% retracement level of the 2009-2010-decline 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 on Thursday and renewed the decline off June’s high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. If it renews Tuesday’s rally, the 25% retracement level of the June-July decline crossing is the next upside target. If it extends the decline off June’s high, the 75% retracement level of the 2009-2010 rally crossing is the next upside target.
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[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
[...] Foreign Exchange Market Commentary – Daily 07.30.2010 | FOREX TRADING [...]
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