HY Markets Research Team
HY Markets
FX - EURO
THE EURO closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews the rally off July's low, June's high crossing is the next upside target.
FX - YEN
THE YEN closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted. If it renews the decline off July's high, June's low crossing is the next downside target.
FX - SWISS FRANC
THE SWISS FRANC closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish hinting that a shortterm bottom might be in or is near. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted. If it extends the decline off July's high, the 87% retracement level of the June July rally crossing is the next downside target.
FX - STERLING
STERLING closed higher on Monday. The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signalling that sideways to higher prices are possible nearterm. If it extends today's rally, July's high crossing is the next upside target. Closes below last Friday's low crossing would confirm that a shortterm top has been posted.
BULLION - GOLD
GOLD closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signalling that a shortterm top might be in or is near. Closes below last Friday's 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.
BULLION - SILVER
SILVER closed lower on Monday as it extends the trading range of the past seven weeks. The lowrange close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that a shortterm top might be in or is near. If it renews the rally off June's low, the reaction high crossing is the next upside target. Closes below the reaction low crossing are needed to confirm that a shortterm top has been posted.
INDICIES - US 30
US30 Index CFD closed lower on Monday as it consolidated some of last week's rally. The midrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends this year's rally, upside targets will be hard to project with the Dow trading in 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 higher on Monday. The highrange close sets the stage for a steady opening when Tuesday'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, monthly resistance 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 slightly lower on Friday as it consolidated some of Thursday's rally. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning 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 index trading into uncharted territory.
ENERGY
US OIL closed lower on Monday as it consolidated some of last week's rally. The midrange close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Closes above July's high crossing would renew this summer's rally while opening the door for a possible test of weekly resistance crossing later this summer.
NATURAL GAS closed lower on Monday as it extends the decline off May's high. The midrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this year's decline, weekly support crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
COMMODITIES - US COFFEE
US Coffee CFD closed higher due to short covering on Monday as it consolidated some of the decline off July's high. The midrange close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off July's high, weekly support crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low 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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