Futures Market Comments for Thursday, April 9, 2009

By Rick Alexander
09 April 2009 @ 10:16 am EDT

CURRENCIES: 04/09/09 Higher closes yesterday for the Dollar Index and Japanese yen while lower for the Canadian Dollar, British Pound, Euro Fx, Swiss Franc and Aussie Dollar. The euro and franc continue to look lower but may both be in bull triangles which could end up turning these two currencies higher if they break out of these consolidation patterns to the upside. The yen is a different story still looking very bearish even after today's sharp rally off session's lows even ruining a bear flag. Because of this the yen should have a retracement rally from here. The Canadian Dollar settled one tick lower messing up its bull flag but still forming a large possible bottom needing to close over 8200 basis the June contract. The pound also closed lower ruining its bull flag but in a potential bottoming formation. The Aussie Dollar is in a bull pennant continuing to look very bullish overall while the dollar closed higher again bouncing off the beginning of a resistance area still looking lower overall. I am holding Buy Signals for the Canadian and Aussie Dollar; Sell Signal for the US Dollar Index contract.

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