What’s Up, What’s Down: Spotlight on Currencies
Comments for January 11, 2011
Looking ahead to Tuesday by reflecting back on Monday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
EURO CONTINUES IN A DOWNTREND; BULL PENNANT FOR THE CANADIAN DOLLAR?
CURRENCIES: 1/11/11: Higher closes yesterday for the Japanese Yen, British Pound, Aussie Dollar and Euro while lower for the Swiss Franc, Canadian Dollar and dollar index. The euro continues to be in a downtrend making its lowest low since Sept. 14th before rallying to settle higher in reversal type actionh. The swiss/euro spreading remains strong overall but did lose a little today however. The franc, though, has been showing possible topping signs while holding a minor support area. The Canadian Dollar settled lower this time but is in a BULL PENNANT meaning it should test its highs relatively soon if it breaks out to the upside off of this consolidation formation. The pound and Aussie Dollar closed higher with the former consolidating over the last couple of weeks and needing to close over 15600 while holding 15400 to have a chance of turning higher while the Aussie Dollar has good support below 9800 and has been in a gradual uptrend since early June. The dollar had its best high since Dec. 1st before settling lower in reversal type action with 8200 basis the its next critcal point. BUY SIGNALS FOR THE SWISS FRANC, CANADIAN AND AUSSIE DOLLAR ALONG WITH THE JAPANESE YEN. SELL SIGNALS FOR THE EURO FX ANDBRITISH POUND. CALL FOR DETAILS!
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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.