HY Markets Research Team
HY Markets
FX - EURO
The EURO closed higher on Friday and the highrange close sets the stage for a steady to higher opening when Monday'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 July's low, June's high crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
FX - YEN
The YEN closed lower on Friday. The midrange close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, July's high crossing is the next upside target. Closes below the reaction low crossing are needed to confirm that a high has been posted.
FX - SWISS FRANC
The Swiss Franc closed lower on Friday and the lowrange close sets the stage for a steady to lower opening when Monday'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 last week's high, the reaction low crossing is the next downside target.
FX - STERLING
Sterling closed higher on Friday as it extends the rally off July's low. The highrange close sets the stage for a steady to higher opening when Monday'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 July's low, the reaction high crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
BULLION - GOLD
GOLD closed higher on Friday. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extend the rally off June's low, the 25% retracement level of the 20122013decline crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.
BULLION - SILVER
SILVER closed higher on Friday. The highrange close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible nearterm. Closes below the reaction low crossing would confirm that a shortterm top has been posted. If it renews the rally off June's low, the reaction high crossing is the next upside target.
INDICIES - US 30
US30 Index CFD closed lower due to profit taking on Friday. The highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends the aforementioned rally, upside targets will be hard to project with the Dow trading into uncharted territory. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed lower on Friday as it extends Thursday's decline. The midrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a top has been posted. If it renews the rally off June's low, monthly resistance crossing is the next upside target.
INDICIES - US 500
US 500 Index CFD closed higher on Friday and the highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory.
ENERGY
US OIL closed slightly higher on Friday as it extends the rally off April's low. The midrange close sets the stage for a steady opening when Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off April's low, the May 2011 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 lower due to profit taking on Friday. The midrange close sets the stage for a steady opening on Monday.
Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below Monday's low crossing would confirm that a shortterm top has been posted.
COMMODITIES - US COFFEE
US Coffee CFD closed lower due to profit taking on Friday as it consolidates some of the rally off June's low. The lowrange close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral signalling that sideways to lower prices are possible nearterm. Closes below Monday's low crossing would confirm that a shortterm top has been posted.
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.
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