Despite current resistance, Yen should work higher
CURRENCIES: 5/20/10 Higher closes Wednesday for the Japanese Yen, British Pound and Euro Fx, Euro Fx and Swiss Franc. The euro and franc are both still in downtrends overall with the former making another new CONTRACT LOW but settling higher this time in reversal type action while the latter made its lowest low and close since March of last year. The yen settled higher again but is now in a resistance area. However, the yen should continue to work higher from its present level. The Canadian Dollar settled lower for the fourth consecutive trading session with support around the 9400 area basis the June contract. The pound made its lowest close since March 2009 before rallying to settle higher in reversal type action while the Aussie Dollar made its lowest low and close since September of last year again.The dollar made a new CONTRACT HIGH again but closed lower this time in reversal type action. BUY SIGNALS FOR THE JAPANESE YEN AND DOLLAR INDEX. SELL SIGNALS FOR THE EURO FX, SWISS FRANC, BRITISH POUND, CANADIAN AND AUSSIE DOLLAR. CALL FOR DETAILS!
FINANCIALS: 5/20/10 Higher closes yesterday for eurodollars, bonds and notes. All of the financials settled slightly higher with no changes technically. The eurodollar should be sold on rallies while the bonds made its highest close since early December. BUY SIGNALS FOR NOTES AND BONDS. SELL SIGNAL FOR THE EURODOLLARS. CALL FOR DETAILS!