What’s Up, What’s Down: Spotlight on Currencies
Comments for June 30, 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
EURO SETTLE HIGHER FOR 3RD SESION IN A ROW. BUT IS THE USDX CLOSE TO A BUY SIGNAL?
CURRENCIES: 6/30/11: Higher closes yesterday for the Euro Fx, British Pound, Japanese Yen, Canadian and Aussie Dollar while lower for the Swiss Franc and dollar index. The euro settled higher for the third session in row continuing to hold a support area looking less toppy and more in limbo while the franc, although closing down, is in a strong uptrend being spread against the euro it seems. The yen settled higher but still keeping me on the sidelines while going relatively nowhere since the beginning of May. The Canadian Dollar, on the other hand, had its best close in two weeks now also near a buy signal. The pound and Aussie Dollar settled higher with the pound still in a downward bias but the Aussie Dollar ending up sharply higher with its best close in 2-3 weeks now close to a buy signal. The dollar settled lower for the third session in a row but no changes technically in my opinion. A close over 7700 in my opinion would be very significant for the dollar to look like a turnaround could be possibly be happening but there is good resistance along the way. It’s long-term trend remains down at this time but is forming a large possible bottom at this time. BUY SIGNAL FOR THE SWISS FRANC.SELL SIGNALS FOR THE CANADIAN DOLLAR AND BRITISH POUND. CALL FOR DETAILS!
The July 1-4 holiday trading schedule for Independence Day, now posted at HOT TOPICS https://zaner.com/3.0/market_information/hot_topics.asp page at my website
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.