HY Markets Research Team
HY Markets
FX - EURO
FX - YEN
THE YEN closed lower due to short covering 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 remain 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 lower on Monday as it extends the decline off last week's high. 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 neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off November's high, weekly support crossing is the next downside target. Closes above the reaction high crossing would confirm that a shortterm bottom has been posted.
FX - STERLING
STERLING closed higher on Monday as it extends this year's rally. The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RS remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, monthly resistance crossing is the next upside target. Closes below the reaction low would confirm that a shortterm top has been posted.
BULLION - GOLD
GOLD closed lower on Monday signaling a possible end to the short covering bounce off December's low. The lowrange close sets the stage for a steady to lower opening when Tuesday'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 low has been posted. If it renews the decline off August's high, weekly support crossing is the next downside target.
BULLION - SILVER
SILVER closed lower on Monday signaling a possible end to the rebound off last week's low. The lowrange close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible nearterm. If it renews the rally off December's low, the reaction high crossing is the next upside target. If it renews the decline off October's high, June's low crossing is the next downside target.
INDICIES - US 30
US30 Index CFD closed higher on Monday as it extends this year's rally. The highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to 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 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed lower due to profit taking on Monday as it consolidates some of this year's rally. The lowrange close sets the stage for a steady opening when Tuesday'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 this year's rally, monthly resistance crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 500
US 500 Index CFD closed unchanged on Monday after posting a new contract high last Friday. The S&P 500 index has posted its best year of gains since 1997. The midrange close sets the stage for a steady opening when Tuesday'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
ENERGY
US OIL closed lower due to profit taking on Monday as it consolidated some of the rally off November's low. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, the 62% retracement level of the August November 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 Monday. The midrange close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to 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 aforementioned rally, August's high crossing is the next upside target.
COMMODITIES - US COFFEE
US Coffee CFD closed lower due to profit taking on Monday. The lowrange close set the stage for a steady to lower opening on Tuesday. 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 reaction high crossing is the next upside target. Closes below the 20day moving average crossing are needed to 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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.