What’s Up, What’s Down: Spotlight on Currencies
Comments for October 13, 2011
Looking ahead to Thursday by reflecting back on Wednesday’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
IS THE U.S. DOLLAR STILL IN A LONGTERM UPTREND?
CURRENCIES: 10/13/11 Higher to sharply higher for the Euro Fx, British Pound. Swiss Franc, Aussie dollar and Canadian dollar while lower for the Japanese Yen and dollar index. The dollar had its lowest low and close since the middle of September but still remains in a long-term uptrend with 7700 a key area to hold although its support goes to7550. The euro and franc each made new recent highs and closes while now forming potential bottoms. Also I see the euro as having little resistance up to the 140 area. The yen had a huge range with it making its best high since Sept. 27th and its worst low since September 12th! However, the yen is still in a choppy sidways trend that started in early August while remaining in a long-term uptrend. We’ll have to see how much today’s action hurt it. The Canadian Dollar closed sharply higher making its best high and close since September 22nd also now forming a potential bottom alongo with very little resistance up to the 100 area.The pound and Aussie dollar both had strong closes and new recent highs and closes with the former in a resistance area. Both are now forming potential bottoms like most of the currencies mentioned above. BUY SIGNALS FOR THE JAPANESE YEN AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC,BRITISH POUND, AUSSIE AND CANADIAN DOLLAR. CALL FOR DETAILS.
For more FX commentary, please visit my Currency Futures Update blog. (https://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.