What’s Up, What’s Down: Dollar Moves Higher
Comments for Thursday, July 23, 2009
Looking Ahead to Thursday by Reflecting Back on Wednesday’s Price Action
METALS:
Higher closes Wednesday for copper, gold and silver but lower for platinum. Copper made its highest high and close since early October once again still in a strong uptrend. Gold made a new recent high close while silver made a new recent high and close both breaking out of small bull pennants. Now silver is close to a buy signal. Platinum settled lower but is in a bull flag and should work higher overall from its present levels.
CURRENCIES:
Higher settlements yesterday for the Japanese yen, Swiss franc, Canadian dollar, Aussie dollar, British pound and euro fx while lower for the dollar index. All of the currencies continue to be in uptrends overall with the euro in a bull flag and the dollar index making a new contract low and close. The yen continues to lag behind which is normal with a weak dollar while the pound and Aussie dollar are now at the upper end of their respective resistance areas. The dollar made a new recent low and close but settling lower this time.
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.