What’s Up, What’s Down: Gains for the Greenback
Comments for Tuesday, April 7, 2009
Looking Ahead to Today By Reflecting Back at Monday’s Price Action
CURRENCIES:
Higher close last night for the U.S. Dollar Index while lower for the Euro Fx, Swiss Franc, Aussie and Canadian Dollar along with the British Pound and Japanese Yen. The euro, franc, yen, Canadian Dollar and pound all made relatively new recent highs and settled lower which means these currencies should at least start lower Monday evening. The euro and franc continue to look lower overall along with the yen. The Canadian dollar is still forming a large potential bottom while in a downtrend overall. The pound continues to look higher overall while the Aussie Dollar is in a bull pennant also looking higher overall. The dollar settled higher holding a small support area still in a down-trend overall. I am maintaining Buy Signals for the Canadian and Aussie dollar and 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.