Daily Forex Market Recap and Technical Analysis

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BROWSING THE CURRENCIES MARKET

The June Dollar closed sharply lower on Monday and below the 20-day moving average crossing at 82.10. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 81.97 would confirm that a short-term top has been posted. If June extends this spring's rally, the 50% retracement level of this year's decline crossing at 83.01 is the next upside target.

The June Euro gapped up and closed higher on Monday as it consolidates above the 38% retracement level of this year's rally crossing at 134.279. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at
135.081 are needed to confirm that a short-term low has been posted. If June extends this spring's decline, the 50% retracement level of this year's rally crossing at 133.405 is the next downside target.

The June British Pound gapped up and closed above the reaction high crossing at 1.9892 on Monday thereby renewing the rally off May's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing at 1.9992 is the next upside target. Closes below the 10-day moving average crossing at 1.9809 would confirm that a short-term top has been posted.

The June Swiss Franc gapped up and closed above the 10-day moving average crossing at .8165 on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral hinting that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .8210 are needed to confirm that a short-term low has been posted. If June renews this spring's decline, the reaction low crossing at .8064 is the next downside target.

The June Canadian Dollar closed higher on Monday as it extended this year's rally above monthly resistance crossing at 94.15.
The low-range close sets the stage for a steady to lower opening on Tuesday. 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 spring's rally, monthly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at .9189 are needed to confirm that a top has been posted.

The June Japanese Yen closed higher due to short covering on Monday as it consolidated some of last week's decline. The mid- range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this spring's decline, weekly support crossing at
.8024 is the next downside target. Closes above the 20-day moving average crossing at .8293 are needed to confirm that a short- term low has been posted.

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