Comments for Friday, April 23, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
Higher closes Thursday for the dollar index and Canadian and Aussie Dollar while lower for the British Pound, Japanese Yen, Euro Fx and Swiss Franc. The euro and franc settled lower for the sixth trading session in a row with the former making its lowest low since April 9th and the latter its lowest low and close in over one and a half months. Both continue to be in down-trends overall.
The yen also settled lower still in a long-term downtrend with its lowest low and close in over two weeks. The Canadian Dollar made a new CONTRACT HIGH before settling lower in reversal type action. The pound closed higher still in a good up-trend overall while now in a weak resistance area.
The Aussie Dollar also closed down but still is in an uptrend overall. The dollar closed up for the fourth time in five trading sessions but has basically been trading between 8000 and 8200(June) since the beginning of February. BUY SIGNALS FOR THE DOLLAR INDEX, BRITISH POUND, CANADIAN AND AUSSIE DOLLAR. CALL FOR DETAILS!
Higher closes yesterday for corn, soybeans, soymeal, Chicago wheat and oats while lower for rough rice along with soyoil, Minneapolis and Kansas City wheat. All of the wheat is still in long-term downtrends but forming nice-looking potential bottoms at this time. Rice closed lower for the eight consecutive trading sessions continuing its overall down-tend. Corn also settled higher again holding 355-360 area basis the July contract but still in a down-trend overall. The next resistance level is around 380. Oats also settled higher but has good resistance around the 220 area basis the July contract. The beans and meal made their highest highs and closes since the middle of January looking higher while oil settled lower off of meal/oil spreads continuing to lag behind
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.