What’s Up, What’s Down: Spotlight on Currency Futures
Comments for Monday, March 29, 2010
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
Higher closes last Friday for the Euro Fx, Swiss Franc, Japanese Yen and British Pound while lower for the Canadian and Aussie Dollar along with dollar index. The Euro continues to be in a down-trend overall while franc has a different chart pattern still giving me a buy signal. Normally, these two currencies have the same chart pattern. The yen also closed higher this time but still is in a strong down-tend overall. The Canadian Dollar also had a weak settlement making its lowest low and close since March 8th with its next support around the 9700 area while looking toppy. The pound closed higher but remains very bearish. The Aussie Dollar had a very poor close coming close, but not yet, giving me a sell signal. However, my buy is potentially in trouble at this time. The dollar settled lower this time overdue for a retracement after the strong closes on Wednesday and Thursday but still in a bull market overall. BUY SIGNAL FOR THE SWISS FRANC AND AUSSIE DOLLAR. SELL SIGNAL FOR THE EURO FX. CALL FOR DETAILS!
Read the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
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. If you would like a free booklet explaining the charts mentioned above, email Rick at email@example.com.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.
Do you trade FAS, FAZ, SSO, SDS, TZA or TNA? Introducing Leveraged ETF PowerRatings, a simple but powerful rating system for Leveraged ETFs. Click here to see today’s ratings.