What’s Up, What’s Down: Dollar Down

  • November 24, 2009
  • Rick Alexander

Comments for Tuesday, November 24, 2009

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

CURRENCIES:

Higher closes for the Japanese yen and dollar index while lower for the Euro fx, Swiss franc, British pound, Canadian and Aussie dollar. The euro and franc continue to be in long-term up-trends both in choppy markets but acting like they will continue higher overall at this time. The yen settled slightly lower after making its highest high since Oct. 9th again still acting like it will test its October highs relatively soon. The Canadian dollar settled higher still in an uptrend overall with support under 9400 basis the December contract but needing to close over 9600 to help verify a continuation of its move higher. The Pound and Aussie dollar also settled higher still is in uptrends overall but the Pound has been acting toppy and is in a BEAR PENNANT while the Aussie dollar has been making higher highs and lows. The US Dollar settled lower at least holding its own over the last three weeks but still very bearish overall. I

British pound Chart

Aussie dollar Chart

Dollar 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.