What’s Up, What’s Down: Spotlight on Currencies
Comments for February 14, 2011
Looking ahead to Monday by reflecting 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
NEW CONTRACT HIGH FOR CANADIAN $ FUTURES
CURRENCIES: 2/14/11: Higher closes for the Canadian Dollar and dollar index while lower for the Euro Fx, Aussie Dollar, Swiss Franc, British Pound and Japanese Yen. The euro and franc made new recent low closes both continue to be close to sell signals in my opinion. The yen followed through lower after Thursday’s sharply lower close keeping me on the sidelines for now while remaining in a strong support area.The Canadian Dollar closed sharply higher making a new CONTRACT HIGH CLOSE now at the upper of a basically sideways range since the beginning of January even with making a new contract high and close recently. The pound and Aussie Dollar settled lower this time with the latter making its worst low and close since February 1st. The pound has good support under 16000 and the Aussie Dollar more under 9950. Both still in uptrends overall but approaching critical areas to hold. The dollar made its best high and close since January 21st giving me a BUY SIGNAL. Good resistance starts above the 8000 level. BUY SIGNALS FOR THE EURO FX, BRITISH POUND, CANADIAN DOLLAR AND AUSSIE DOLLAR. SELL SIGNAL FOR THE DOLLAR INDEX.
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.