What’s Up, What’s Down: Spotlight on Currencies
Comments for July 29, 2011
Looking ahead to Friday by reflecting back on Thursday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
OATS FORMING A BULL TRIANGLE? RICE MAKES ANOTEHR CONTRACT HIGH
CURRENCIES: 7/29/11 Higher closes yesterday for the Japanese Yen, Swiss Franc, British Pound and dollar index while lower for the Euro Fx, Aussie and Canadian Dollar. I still remain on the sidelines for the euro which followed through lower after Wednesday’s reversal type action. Also, the euro has been trending lower since the beginning of May helped by continued swiss/euro spreading. The franc made new CONTRACT HIGH AND CLOSE while the yen made a new CONTRACT HIGH CLOSE. The pound also settled higher but now is in a resistance area and could stall out. The Aussie Dollar DOUBLE TOPPED at its contract high and settled lower in reversal type action while the the dollar settled higher following through from its reversal type action on Wednesday. The dollar now is back at the lower end of its trading range dating back to the beginning of April. BUY SIGNALS FOR THE SWISS FRANC AND JAPANESE YEN ALONG WITH THE CANADIAN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE BRITISH POUND. CALL FOR DETAILS!
In early morning trading the Currencies sector is unchanged from yesterday’s closing prices; though this is misleading, as the strength in the Franc & Yen is offset by weakness in the Canadian & Aussie Dollar. There are eight futures contracts which comprise the Currency sector; and Currencies is one of eight sectors featured in my Futures HeatMap – a color coded guided to the various market segments strengths and weaknesses. View the HeatMap at https://www.markethead.com/2.0
“A good plan is like a roadmap; it shows the final destination and usually the best way to get there” (H. Stanley Judd). Traders need a trading plan too. Download my TRADING PLAN TEMPLATE by clicking this link or copying and pasting it into your browser:
https://www.zaner.com/3.0/ljstradingplantemplate.asp
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. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.