What’s Up, What’s Down: Spotlight on Currencies
Comments for November 15, 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.
Dollar looks higher while Euro looks choppy
CURRENCIES: 11/15/11 Higher closes for the dollar index while lower for the Japanese Yen, British Pound, Canadian dollar, Euro Fx, Swiss Franc and Aussie Dollar. Yesterday’s action was the complete opposite of Friday’s action but nothing has changed in Europe as far as I can tell. The dollar continues to look higher while forming an even larger possible bottom aided by the financial problems of Greece and Italy. The euro and franc have been choppy lately but still should work lower. Both are around critical areas to hold. The yen continues retrace from its sharp drop on October 31st making its best high and close since then. However, strong resistance looms around 13000 and above. The Canadian dollar also settled lower with 9733 a critical price to watch still in a long-term downtrend overall. The pound and Aussie dollar also settled lower with the former in a critical area to hold and the latter looking very toppy at this time. BUY SIGNALS FOR THE BRITISH POUND AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC, AUSSIE DOLLLAR AND JAPANESE YEN. CALL FOR DETAILS
For more Currency commentary, please visit my Currency Futures Update blog. (https://currencyfuturesupdate.com/)
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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.