All Major Currencies look bullish against the US Dollar
By Rick Alexander
14 May 2009 @ 12:19 pm EDT
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