HY Markets Research Team
HY Markets
FX - EURO
The EURO closed higher due to short covering on Wednesday as it consolidated some of the decline off June's high. The midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, last November's low crossing is the next downside target.
FX - YEN
The YEN closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a high has been posted.
FX - SWISS FRANC
The Swiss Franc closed lower on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, May's high crossing is the next upside target.
Closes below the 20day moving average crossing would confirm that a shortterm high has been posted.
FX - STERLING
Sterling closed higher due to short covering on Wednesday as it consolidated some of the decline off June's high. The midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off June's high, weekly support crossing is the next downside target.
BULLION - GOLD
GOLD closed higher on Wednesday. The midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it renews this year's decline, monthly support crossing is the next downside target.
BULLION - SILVER
SILVER closed lower on Wednesday. The lowrange close set the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it renews this year's decline, monthly support crossing is the next downside target.
INDICIES - US 30
US30 Index CFD closed lower due to profit taking on Wednesday as it consolidated some of the rally off June's low. The midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends the aforementioned rally, May's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed higher on Wednesday as it extends the rally off June's low. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, May's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a top has been posted.
INDICIES - US 500
US 500 Index CFD closed higher on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, May's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm low has been posted.
ENERGY
US OIL closed higher on Wednesday as it posted another new high for the year. The highrange close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off April's low, last March's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
NATURAL GAS closed higher on Wednesday. The lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off last week's low, the 62% retracement level of the FebruaryApril decline crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
COMMODITIES - US COFFEE
US Coffee CFD closed lower on Wednesday and the lowrange close set the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, the reaction high crossing is the next upside target. If it renews this year's decline, weekly support crossing is the next downside target.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Pepe price forecast: Eyes for 30% rally
Pepe’s price broke and closed above the descending trendline on Thursday, eyeing for a rally. On-chain data hints at a bullish move as PEPE’s dormant wallets are active, and the long-to-short ratio is above one.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.