Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Saturday, March 21, 2009

Buy Britian Pound and Euro for Forex Gain

The June Dollar posted an inside day with a higher close on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.

The June Euro posted an inside day with a lower close on Friday due to profit taking as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 62% retracement level of the December-March decline crossing at 137.736 is the next upside target. Closes below the 20-day moving average crossing at 128.590 would temper the near-term friendly outlook in the market. First resistance is Thursday's high crossing at 137.370. Second resistance is the 62% retracement level crossing at 137.736. First support is the 10-day moving average crossing at 130.467. Second support is the 20-day moving average crossing at 128.590.

The June British Pound posted an inside day with a lower close on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.

The June Swiss Franc posted an inside day with a lower close on Friday as it consolidates below the 50% retracement level of the December-March decline crossing at .8965. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.

The June Japanese Yen posted an inside day with a lower close on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.

April gold closed lower due to profit taking on Friday as it consolidated some of this week's rally but remains above the 20-day moving average crossing at 933.20. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.

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