What’s Up, What’s Down: Spotlight on Currencies
Comments for December 6, 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.
U.S. DOLLAR STILL IN AN UPTREND OVERALL
CURRENCIES: 12/6/11 Higher closes for the Canadian dollar, Swiss Franc, Aussie dollar, British Pound and Japanese Yen while lower for the Euro Fx and dollar index. The dollar settled slightly lower but still in an uptrend overall with strong support under 7800. The rest of the currencies settled slightly higher to higher with euro and franc still looking lower overall. The yen was unable to successfully penetrate its strong resistance over 1300 around the middle of November now in what looks like a SMALL BEAR TRIANGLE OR BEAR PENNANT while the Canadian and Aussie dollar have been struggling while in resistance areas over the last week. They’re also in a downtrends but possibly attempting to form a large bottoms at this time. Also, the yen needs to hold the critical 128 level in my opinion. The pound, more obviously, has been in a long-term downtrend holding over the last couple of weeks. BUY SIGNAL FOR DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC, AUSSIE DOLLLAR, BRITISH POUND, CANADIAN DOLLAR AND JAPANESE YEN. CALL FOR DETAILS
Follow more Currency market related stories and commentary at my Currency Futures blog (www.currencyfuturesupdate.com)
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.