What’s Up, What’s Down: Currency Futures in the Spotlight

Comments for Monday, June 7, 2010

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

CURRENCIES:

Higher closes last Friday for the dollar index and Japanese Yen while lower for the Aussie Dollar, Swiss Franc, Canadian Dollar, Euro Fx and British Pound. The euro made a new CONTRACT LOW CLOSE while the franc made its lowest close since March 17th, 2009 continuing their overall downtrends. The yen settled sharply higher after making its lowest low in almost three weeks managing to hold a support area so far. The Canadian Dollar closed sharply lower with its lowest low and close in about a week trying to form a potential bottom. The pound closed lower still in a downtrend overall while the Aussie Dollar ended up sharply lower causing a failed bull pennant with its long-term downtrend still intact. The dollar settled sharply higher breaking out of its bull pennant buoyed by Hungary’s financial problems. BUY SIGNAL FOR THE DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC, BRITISH POUND, CANADIAN AND AUSSIE DOLLAR. CALL FOR DETAILS!

Japanese Yen Chart

Canadian Dollar Chart

Aussie Dollar Chart

U.S. Dollar Chart

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. 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.

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