Market Commentary -
US DX
92.616 -0.047 -0.06%
The US DX is extending its strong winter rally.but for the short term the market looks a little over-bought and signaling that a short-term top has been made. Any close below
the 20-day moving average crossing at 91.29 will confirm that but if if US DX continues to rally then the next weekly resistance crossing is at 94.32 as the next upside target. the first
resistance is last friday's high crossing at 93.56 and the first support is the 10-day moving average crossing at 92.28.
EUR/ USD
1.160700 +0.004835 +0.42%
A much calmer market now resumes after the SNB shock and much of the Q.E fears hs already been factored into the EUR slide. technically market is oversold and needs a breather for direction. But if the decline resumes
the monthly support crossing at 112.75 would be the next downside target. It would take a close above the 20-day moving average crossing at 119.87 to alter the trader's perspective on EU.
Crude Oil
47.86 -0.03 -0.06%
The
CL February crude oil rally has run out of steam and reason. Last week's higher closings were more to do with profit taking on short covering
on Friday rather than any fundamental and technical reason. It would take a strong close above the 20-day moving average crossing at 51.35 to confirm
that a an upside bias. But, if February CL extends the decline off 2014 June's high, then monthly support crossing
at 43.77 will be severely tested as the next downside target.
Gold
1276.85 - 0.13 -0.01%
Gold appears overbought but remain neutral
to bullish signaling that a sideways to higher prices are still possible in the ear-term. First resistance is at 1282.40.with first support at the 10-day
moving average crossing at 1230.10.
Pieter Bergli - DeLoren Trust Holdings
Forex education for all
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