Tuesday, April 14, 2009

Forex Daily Forecast Outlook

Forex Markets
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The June Dollar was higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are turning neutral hinting that a short-term top might be in or is near. If June renews last week's rally, the reaction high crossing at 86.61 is the next upside target. Closes below last Monday's low would open the door for a possible test of March's low crossing at 83.15. First resistance is last Thursday's high crossing at 86.24. Second resistance is the reaction high crossing at 86.61. First support is last Monday's low crossing at 84.10. Second support is March's low crossing at 83.14.

The June Euro was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 131.140 are needed to confirm that a short-term top has been posted while opening the door for a larger-degree decline during April. Closes above the 20-day moving average crossing at 133.720 would signal that a double bottom has been posted while opening the door for additional short covering gains near-term. First resistance is the 20-day moving average crossing at 133.720. Second resistance is last Monday's high crossing at 135.820. First support is last Thursday's low crossing at 131.210. Second support is the reaction low crossing at 131.140.

The June British Pound was higher overnight as it extends Monday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, January's high crossing at 1.5300 is the next upside target. Closes below the 20-day moving average crossing at 1.4540 would confirm that a double top with February's high has been posted. First resistance is last Monday's high crossing at 1.4962. Second resistance is January's high crossing at 1.5300. First support is the 10-day moving average crossing at 1.4684. Second support is the 20-day moving average crossing at 1.4540.

The June Swiss Franc was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .8908 would signal that a short-term low has been posted. First resistance is Monday's high crossing at .8854. Second resistance is the reaction high crossing at .8908. First support is Monday's low crossing at .8622. Second support is the reaction low crossing at .8475.

The June Canadian Dollar was higher overnight as it extends this month's rally and is breaking out above March's high crossing at 82.09. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off this month's low, the reaction high crossing at 82.92 is the next upside target. Closes below the 20-day moving average crossing at 80.76 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 82.37. Second resistance is the reaction high crossing at 82.92. First support is the 10-day moving average crossing at 80.90. Second support is the reaction low crossing at 80.11.

The June Japanese Yen was slightly higher overnight due to short covering as it consolidates some of this month's decline but remains below broken support marked by March's low. Stochastics and the RSI are oversold and turning bullish hinting that a short-term low might be in or is near. However, closes above the 20-day moving average crossing at .10166 are needed to temper the near-term bearish outlook. If June renews this month's decline, the 75% retracement level of the 2008 rally crossing at .9799 is the next downside target. First resistance is the 20-day moving average crossing at .10166. Second resistance is the reaction high crossing at .10435. First support is last Monday's low crossing at .9867. Second support is the 75% retracement level crossing at .9799.

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