Higher close on Wednesday for the Japanese Yen and dollar index while lower for the Euro Fx, Aussie dollar, British Pound , Swiss Franc and Canadian dollar. New recent highs for the euro and franc before settling lower but no changes technically. Both currencies are still in uptrends and should continue higher with little resistance overhead. The yen made a new recent high and close giving me a buy signal. The Canadian Dollar had its lowest low and close in 4 trading sessions and now needs to be watched closely although still in a uptrend overall. The pound settled lower this time but is in a bull pennant while in an uptrend overall. The Aussie Dollar started higher but sold off sharply wrecking a bull flag to settle lower. Now it should have a correction probably down to the 7400 area to begin with. However, like most of the currencies at this time the trend is still up. Conversely, the dollar index made its lowest low and close since last December again before rallying to settle higher. However, the dollar is looking very bearish overall. I continue to maintain Buy Signals for the Euro, Swiss Canadian & Aussie Dollar, Pound and Yen. Feel free to contact me for details
BULLISH OUTLOOK FOR ENERGY FUTURES CONTINUES TOO
ENERGIES: 05/14/09 Higher closes yesterday for the rbob while lower settlements for crude and heating oil along with natural gas. All of the energies continue to look higher overall with the rbob taking out its triple top looking the most bullish of all the energies at this time. Natural gas made a new recent high before selling off and closing lower in reversal type action.
GRAINS: 05/14 /09 BULLISH BIAS CONTINUES .Higher closes for Minneapolis and Kansas City wheat along with soybeans and soymeal while lower for rough rice, Chicago wheat, oats, corn and bean oil. All of the wheat continue to look strong overall with Minneapolis and KC making new recent highs and closes while Chicago made anew recent high before settling lower. Corn also made a new recent high before closing lower with the 450 area basis the July contract still my next objective. Don't forget the July contract double bottomed at 370 and has been trending higher ever since. Rice followed through but only slightly lower since Monday's close sharply lower (near the 50 cent daily limit). Rice should test its contract lows. Oats had a huge trading range only to settle after reaching 240 which is right in the middle of a resistance area as seen below. The trend is still higher but too soon to tell if hurt by today's action. Beans and meal made new recent highs and closes but oil made a double top before settling lower. Still the bean complex is in an uptrend overall.