What’s Up, What’s Down: Spotlight on Currencies
Comments for July 7, 2011
Looking ahead to Thursday by reflecting back on Wednesday’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
SPOTLIGHT ON CURRENCY FUTURES
CURRENCIES: 7/7/11: Higher for the Japanese Yen and dollar index while lower for the Canadian Dollar and Aussie Dollar along with the Euro Fx, Swiss Franc and British Pound. Several of the currencies finished not that far off from unchanged whereby I don’t see any changes technically.The euro and franc are possibly signaling the ending of the unwinding phase for the swiss/euro with the euro continuing to be in a large sideways pattern dating back to early May. A key price area to watch for the franc, which looks a little toppy, is around 117 basis the September contract. The yen settled higher this time still keeping me on the sidelines while also going relatively nowhere since the beginning of May. The Canadian Dollar, on the other hand, looks strong even after settling lower again since it broke out of a pretty strong looking resistance area last week.The pound and Aussie Dollar settled lower again with the latter making its lowest low and close in a week while in a very critical area to hold while the Aussie Dollar continues to look higher overall. The dollar settled higher again but still looks weak with Its long-term trend remaining down at this time. However, the dollar 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.