We haven't checked in on the currency markets lately, so below we highlight price charts for a number of currency ETFs. The only currency that has been in a continous downtrend over the past 6 months is Mexico's Peso (FXM), and who knows when this downtrend will end. The Australian Dollar (FXA) and Canadian Dollar (FXC) have both been able to remain above their November lows over the past few months, forming a U-shaped bottom.
The British Pound (FXB) was in the same boat as the Peso until it recently broke above its 50-day moving average to give it life again. But it quickly pulled back below its 50-day, so the jury is still out on whether or not a bottom has been made.
After suffering a severe pullback following its multi-month rally, the US Dollar has found its footing again, but it has struggled to test its '08 highs recently and has been trading sideways. This sideways trading is paving the way for a big move once it finally breaks in one direction.
And finally, the Japanese Yen (FXY) has been trading in a long-term uptrend until it recently broke below its 50-day. This sure looks like a sign that the Yen could be in store for a protracted pullback, at least based on technicals.
Trust me the CAD (fxc,cdw)will be range bound to the USD for a very long time ,now that we have Mr Mark Carney (ex GS)running the BoC. That David Dodge wanker really messed up the im/export Biz in 2007,we now know he was just another Lib hack
Posted by: dj | February 13, 2009 at 05:01 PM
My site is seeing increased traffic recently with currency ETF searches, which I think is consistent with the info above. As these currencies continue to trade around support levels, interest for trades increases.
Posted by: York | February 14, 2009 at 11:48 AM
I don't trade currencies, so I have to rely on what other's say.
Here's what one person commented at my site.
Kemal_1
"I analyzed the major currencies and I see a strong possibility for a significantly stronger USD (EUR/USD will go down, what is new is that USD/JPY might also turn UP). That does not bode well for gold and silver and the miners.
The break out in gold did not show strong follow through, as it should have if it were for real. There are also negative divergences in the MACD for gold and silver.
Based on that I would NOT buy any miners now. Wait until they are 30 - 50% lower."
I really trust Kemal's trading
Posted by: zstock7.com | February 15, 2009 at 05:47 PM
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Lucy
http://forextradin-g.net
Posted by: Lucy | January 21, 2010 at 12:26 AM