What’s Up, What’s Down: Buy Signals for (Most) Currencies and the RBOB

Comments for Monday, November 16, 2009

Looking Ahead to Today by Reflecting Back at Friday’s Price Action


Higher closes last Friday for the British pound, Canadian and Aussie dollar, Euro fx, Swiss franc and Japanese yen while lower for the dollar index. The euro and franc continue to be in long-term up-trends with the latter looking stronger than the former but both still are in resistance areas. The yen closed higher continuing to be a sell unless settling over 11200 basis the December contract. The Canadian dollar also settled higher still in an uptrend overall with resistance over 9600 and support under 9400 basis the December contract. The pound settled higher still looking stronger overall. The Aussie dollar made a new CONTRACT HIGH CLOSE this time continuing its strong up-trend but still has its KEY REVERSAL in tact! The dollar, obviously, settled lower continuing in its long-term down-trend. I have a Buy Signal for the Euro, Swiss, Pound and Canadian dollar.

Aussie Dollar Chart


Higher closes Friday for natural gas while lower for crude and heating oil along with the rbob. The crude and heat gave me SELL SIGNALS with the rbob very close. Gas made a new CONTRACT LOW but then settled higher in reversal type action still very bearish overall. I am holding a Buy Signal for the RBOB but a Sell Signal for Heating Oil.

Crude Oil Chart

Heating Oil Chart

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.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. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.