LOOKING AHEAD TO TUESDAY BY REFLECTING BACK ON MONDAY'S ACTION
Most of the Currencies are in Uptrends, but watch out for the Pound's Bear Triangle. Big Buy Signal for Natural Gas.
CURRENCIES: 10/06/09 Higher settlements Monday for the euro Fx, Swiss franc, Japanese yen, Canadian and Aussie dollar and British pound while lower for the dollar index. All of the currencies still are in uptrends with the exception of the pound and there are also potential topping formations in the euro and franc with support under 144000 for the former and 9500 for the latter. The yen made a new recent high close while the Canadian dollar is now back at the higher end of a trading range between 9000 and 9400 dating back to July. The pound is in a BEAR TRIANGLE but the Aussie dollar acts like it will test its highs. The dollar closed lower again still forming a potential bottom while having strong resistance over the 7800 area. One more down day could really hurt the dollar's potential for a turnaround.
ENERGIES: 10/06/09 Sharply higher close yesterday for natural gas while higher for crude oil and the rbob and lower for heating oil. In spite of recent rallies in the energies they've been making lower highs and lower lows overall keeping my sell signals still in place. However, this chart pattern looks like will be challenged. Natural gas had a sharp rally again giving me a huge BUY SIGNAL.