What’s Up, What’s Down: Spotlight on Currencies
Comments for March 28, 2011
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
CRUDE OIL FUTURES HAD ITS BEST CLOSE IN 10 TRADING SESSIONS
CURRENCIES: 3/28/11 Higher closes Friday for the Aussie dollar and dollar index while lower for the Euro Fx, Swiss Franc, Canadian Dollar, Japanese Yen and British Pound. The euro and franc continue to look higher overall with the former having good support from 14000 to 130000 and the latter from 10800 to 10700. The yen made its lowest low and close in over a week and has been back its trading range that started back at the beginning of the year. Currency intervention by several countries the week before last caused the yen to spike(16th) higher and give me a buy signal. The Canadian Dollar settled lower and is starting to look toppy to me but its overall trend remains up at this time. The pound settled sharply for the third session in a row now near a potential sell signal with 15950 a key price area to watch.The Aussie Dollar, on the other hand, had another strong making another new CONTRACT HIGH AND CLOSE. Finally, the dollar had its best close in one and a half weeks with good resistance around 7700 and still in downtrend overall. BUY SIGNALS FOR THE EURO FX, SWISS FRANC, JAPANESE YEN, BRITISH POUND, CANADIAN DOLLAR AND AUSSIE DOLLAR. SELL SIGNAL FOR THE DOLLAR INDEX. CALL FOR DETAILS!
CURRENCY NOTE: As of 8:30 am (Central) this morning, the CURRENCIES sector is about unchanged; balanced by the Can# up about 0.36% and the Yen down about 0.38%. View my Futures HeatMap by clicking or typing this link into your browser: 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.