What’s Up, What’s Down: Focus on Currencies
Comments for Friday, March 5, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
CURRENCIES:
Higher closes yesterday for the dollar index while, conversely lower for the Canadian and Aussie Dollar along with the British Pound, Japanese Yen, Euro Fx and Swiss Franc. The euro and franc continue to be in downtrends overall while now consolidating and attempting to form possible bottoms. The yen made its highest high since December 11th again but then sold off to settle lower in reversal type action keeping me neutral at this time. The Canadian Dollar settled higher for the fifth trading session in a row making its highest high and close since the middle of January once again. The Aussie Dollar closed lower this time but is in a small BULL FLAG still close to a buy signal. The pound closed lower also continuing its strong downtrend overall. The dollar had a strong close while showing some signs of topping and has been consolidating in very choppy action at this time. BUY SIGNALS FOR THE CANADIAN DOLLAR AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC AND BRITISH POUND. CALL FOR DETAILS!
REMINDER: March/June Currency Futures Rollover begins Monday, March 8!!
Read 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.