What’s Up, What’s Down: Spotlight on Currencies
Comments for June 24, 2011
Looking ahead to Friday by reflecting back on Thursday’s trading
NEW SELL SIGNAL FOR THE POUND?
CURRENCIES: 6/24/11 Higher closes yesterday for the Swiss Franc and dollar index while lower Japanese Yen, euro Fx, Canadian and Aussie Dollar along with the British Pound again. The euro continues to hold a support area but still looking a little toppy in my opinion while I’m removing my shaky sell signal for the franc and standing on the sidelines although its long-term trend remains higher overall. The yen and Aussie Dollar remain neutral for me with the latter making its lowest close since May 25th. However, I did get a SELL SIGNAL for the pound after it had its lowest low and close since the end of April. The Canadian Dollar also settled lower remaining weak overall as shown below. The dollar settled higher again and based on the chart pattern below I’m going to stand aside this currency for now, A close over 7700 in my opinion would be very significant for the dollar to look like a turnaround could be possibly happening but there is good resistance in the way. It’s long-term trend remains down at this time. SELL SIGNALS FOR THE CANADIAN DOLLAR AND DOLLAR INDEX. 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.