What’s Up, What’s Down: Spotlight on Currencies
Comments for December 13, 2010
Looking ahead to Monday by reflecting on Friday’s trading action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
Today is last Trading Day for most of the December Currency Futures Contracts
CURRENCIES: 12/13/10 TODAY IS THE LAST TRADING DAY FOR THE DECEMBER CONTRACT (except for the Dec Canadian $, whose Last Trading Day is tomorrow, 12/14).
Higher closes last Friday for the British Pound, Swiss Franc, Canadian and Aussie Dollar while lower for the Euro Fx, Japanese Yen and dollar index.The euro and franc have been making lower highs and lows since October and November respectively. The yen, basis the March contract, has a very critical area(11860) that needs to hold after bouncing off this area six times so far. The Canadian Dollar settled higher The pound settled higher also making its best high in over two weeks.while the Aussie Dollar remains basically in a sideways mode since early October after settling lower. The dollar also closed higher acting still acting a little toppy lately in choppy action, but I feel it will reach my objective at the 8300-8400 area basis the March contract unless of course I get a sell signal. Meanwhile, in my opinion, it still looks like a bottom has formed. BUY SIGNALS CANADIAN DOLLAR AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, BRITISH POUND, SWISS FRANC AND JAPANESE YEN. CALL FOR DETAILS!
Special Note for Cotton Traders: The daily price limit for Monday, December 13 will revert back to 4 cents.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.