What’s Up, What’s Down: Spotlight on Currencies
Comments for January 24, 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.
Euro shows great performance. Is the Pound forming a Bull Pennant?
CURRENCIES: 1/24/11: Higher closes Friday for the Euro Fx, British Pound, Japanese Yen, Aussie Dollar, Swiss Franc and Canadian Dollar while lower for the dollar index. The euro made its best high and close since Nov. 22nd once again while the franc continues to consolidate still in a uptrend overall but euro/swiss unwinding or new spreads being put on has caused it to lag behind the euro lately. The yen also settled higher still a buy but has really had a direction worth noting since the middle of November. The Canadian Dollar settled higher still in a uptrend overall and a buy but has been consolidating over the last couple of weeks. The pound made its highest close since Nov. 18th and also looks like its in a BULL PENNANT. The Aussie Dollar also closed higher and, while in an uptrend overall, hasn’t really gone anywhere since the beginning of December while needing to hold the 9800 area.. The dollar had its lowest low and close since Nov. 8th continuing its recent slide since Jan. 10th .BUY SIGNALS FOR THE EURO, SWISS FRANC, BRITISH POUND, CANADIAN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE DOLLAR INDEX.
Special Note: Cotton futures daily price limit will be 5 cents for Monday, January 24, 2011
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 email@example.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.