CURRENCIES
The March Dollar closed lower on Thursday as it extended this month’s decline. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month’s decline, the reaction low crossing at 80.22 is the next downside target. Closes above the 10-day moving average crossing at 80.91 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 80.91. Second resistance is the reaction high crossing at 81.44. First support is the reaction low crossing at 80.22. Second support is the reaction low crossing at 79.82.
The March Euro closed higher on Thursday as it extends the rally off this month’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the reaction high crossing at 137.40 is the next upside target. Closes below the 10-day moving average crossing at 135.70 would signal that a short-term top has been posted. First resistance is today’s high crossing at 136.92. Second resistance is the reaction high crossing at 137.40. First support is the 10-day moving average crossing at 135.70. Second support is last Monday’s low crossing at 134.76.
The March British Pound closed higher on Thursday and spiked above January’s high renewing the rally off 2013’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last week’s low, monthly resistance crossing at 1.6738 is the next upside target. Closes below the 10-day moving average crossing at 1.6416 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.6672. Second resistance is monthly resistance crossing at 1.6738. First support is the 10-day moving average crossing at 1.6416. Second support is last Wednesday’s low crossing at 1.6247.
The March Swiss Franc closed higher on Thursday as it extends the rally off last week’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last week’s low, January’s high crossing at .11237 is the next upside target. If March renews the decline off January’s high, January’s low crossing at .10926 is the next downside target. First resistance is January’s high crossing at .11237. Second resistance is December’s high crossing at .11373. First support is last Monday’s low crossing at .11014. Second support is January’s low crossing at .10926.
The March Canadian Dollar closed higher on Thursday. The high-range 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month’s rally, the reaction high crossing at 91.57 is the next upside target. Closes below the 20-day moving average crossing at 90.31 would temper the friendly outlook. First resistance is today’s high crossing at 91.22. Second resistance is the reaction high crossing at 91.57. First support is this month’s low crossing at 88.99. Second support is weekly support crossing at 87.90.
The March Japanese Yen closed higher on Thursday. Today’s mid-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .9744 would confirm that a short-term top has been posted. If March renews the rally off January’s low, the 62% retracement level of the October-January decline crossing at .10026 is the next upside target. First resistance is the 50% retracement level of the October-January decline crossing at .9920. Second resistance is the 62% retracement level of the October-January decline crossing at .10026. First support is the 20-day moving average crossing at .9744. Second support is the reaction low crossing at .9672.
