What’s Up, What’s Down: Spotlight on Currencies
Comments for July 11, 2001
Looking ahead to Monday by reflecting back on Friday’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
EURO IN A SIDEWAYS PATTERN: POSSIBLE BEAR TRIANGLE FORMING IN THE US DOLLAR INDEX?
CURRENCIES 7/11/11 Higher closes Friday for the Japanese Yen, Swiss Franc, British Pound and dollar index while lower for the Euro Fx, Canadian and Aussie Dollar. The euro continues to be in a large sideways pattern dating back to early May. A key price area to watch for the franc is around 117 basis the September contract while it seems to be setting into a sideways pattern since early June. The yen made its lowest low since May 31st before settling higher in reversal type action but still keeping me on the sidelines while also going relatively nowhere since the beginning of May. The Canadian Dollar made its best high since May 11th before closeing lower also in reversal type action only in the other direction. The pound closed higher this time but still looks lower overall while the Aussie Dollar closed lower after making its best high since May 11th in reversal type action also. The dollar settled higher still looking weak wiith Its long-term trend remaining down at this time. You can see a possible BEAR TRIANGLE using the weekly chart shown below. However, the dollar has been trading in a large sideways range since APRIL. BUY SIGNALS FOR THE SWISS FRANC ALONG WITH THE CANADIAN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE BRITISH POUND. CALL FOR DETAILS!
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.