What’s Up, What’s Down: Spotlight on Currencies
Comments for May 10, 2011
Looking ahead to Tuesday by reflecting back on Monday’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: 5/10/11: Higher for the Canadian Dollar and Aussie Dollar along with the Euro Fx, Swiss Franc, British Pound and Japanese Yen while, conversely, lower for the dollar index.. All of the currencies have been in long-term uptrends for quite awhile but now the euro(14000), Canadian(10272) and pound(16200) are forming potential tops at this time with key prices to watch in parenthesis. The pound also has good support between 160 and 163. The Aussie Dollar and franc continue to look the best at this time.The dollar made its best high in 12 trading sessions only to close lower in reversal type action with its closest resistance area over 7500. BUY SIGNALS FOR THE EURO FX, SWISS FRANC, JAPANESE YEN, CANADIAN DOLLAR AND AUSSIE DOLLAR. SELL SIGNAL FOR THE DOLLAR INDEX. CALL FOR DETAILS!
In early morning trading, my Futures HeatMap shows the mixed trading in Currencies. Aussie & Canadian $ are slightly higher, US Dollar Index unchanged and the weakest performance so far this morning is in the Swiss (down 0.65% from Monday’s close. View the color-coded HeatMap at https://www.markethead.com/2.0.
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.