HY Markets Research Team
HY Markets
FX - EURO
THE EURO closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a double top has been posted. If it renews the rally off November's low, monthly resistance crossing is the next upside target.
FX - YEN
THE YEN closed higher on Thursday. The lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bullish signalling that additional strength is possible. If it extends the rally off October's low, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted.
FX - SWISS FRANC
THE SWISS FRANC closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extends last week's rally, the reaction high crossing is the next upside target. If it renews the decline off November's high, weekly support crossing is the next downside target.
FX - STERLING
STERLING closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral signalling that sideways trading is possible nearterm. If it extends the rally off November's low, monthly resistance crossing is the next upside target. Closes below last Tuesday's low would open the door for a test of the JulyNovember uptrend line crossing.
BULLION - GOLD
GOLD closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off August's high, weekly support crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a low has been posted.
BULLION - SILVER
SILVER closed higher on Thursday. The midrange close set the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it renews the decline off October's high, June's low crossing is the next downside target. If it renews the rally off this month's low, the reaction high crossing is the next upside target.
INDICIES - US 30
US30 Index CFD closed on Thursday due to market holiday. The midrange close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed on Thursday due to market holiday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends this year's rally, monthly resistance crossing is the next upside target. Closes below last Wednesday's low crossing would confirm that a shortterm top has been posted.
INDICIES - US 500
US 500 Index CFD closed on Thursday due to market holiday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible nearterm. If it extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below last Monday's low crossing are needed to confirm that a shortterm top has been posted.
ENERGY
US OIL closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, the 62% retracement level of the AugustNovember decline crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
NATURAL GAS closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the aforementioned rally, 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.
COMMODITIES - US COFFEE
US Coffee CFD closed higher on Thursday. The highrange close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the reaction high crossing is the next upside target. Closes below the 20day moving average 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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