What’s Up, What’s Down: Spotlight on Currencies
Comments for July 22, 2011
Looking ahead to Friday by reflecting back on Thursday’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
SPOTLIGHT ON FX
FUTURES AND OPTIONS TRADING IS SPECULATIVE IN NATURE AND INVOLVES SUBSTANTIAL RISK OF LOSS. FUTURES AND OPTIONS TRADING IS NOT SUITABLE FOR ALL INVESTORS.
CURRENCIES: 7/22/11 Higher closes for the Euro Fx, Swiss Franc, Japanese Yen, British Pound, Aussie and Canadian dollar while lower for the dollar index once again. There seems to have been heavy liqudation of Swiss/euro spreading with the euro ending up sharply higher while the france was just higher. However, I still remain on the sidelines for the euro as its been making lower highs and lows since early June. The franc, however made its third best close overall. The yen made a new CONTRACT HIGH CLOSE and its second best high of its move while the Canadian Dollar made another new CONTRACT HIGH AND CLOSE. The pound settled sharply higher with its highest high and close since the middle of June and also giving me a BUY SIGNAL! The Aussie Dollar also closed sharply higher with its best high and close since May 2nd. Conversely, the dollar closed sharply lower with its worst low and close since June 6th a& 7th now at the lower end of its trading range that dates back to the beginning of April still keeping me on the sidelines. However, now the dollar is near a potential sell signal. BUY SIGNALS FOR THE SWISS FRANC AND JAPANESE YEN ALONG WITH THE CANADIAN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE BRITISH POUND. CALL FOR DETAILS!
“A good plan is like a roadmap; it shows the final destination and usually the best way to get there” (H. Stanley Judd). Traders need a trading plan too. Download my TRADING PLAN TEMPLATE by clicking this link or copying and pasting it into your browser:
https://www.zaner.com/3.0/ljstradingplantemplate.asp
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.