What’s Up, What’s Down: Dollar Closed Higher Again
Comments for Monday, April 13, 2009
CURRENCIES:
Higher closes to end last week for the Dollar Index and Canadian Dollar while lower for the Japanese Yen, British Pound, Euro Fx, Swiss Franc and Aussie Dollar. The euro and franc continue to look lower overall but I don’t have any signals at this time. The yen is still looking very bearish with very little support underneath. The Canadian Dollar had a strong close still forming a larger possible bottom needing to close over 8200 basis the June contract to continue moving higher overall. The pound closed lower consolidating over the last week also still in a potential bottoming formation while the Aussie Dollar broke out of a bull pennant looking very bullish overall. The dollar, although settling higher, continues to lose steam poised to move significantly lower in my opinion based on its present technical formation. I have Buy Signals for the Canadian and Aussie dollar and still hold to a sell signal for the U.S. Dollar Index contract.
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.