On the weekly chart, notice the following:
-- All the SMAs are moving higher
-- The shorter SMAs are above the longer SMAs
-- Prices are above all the SMAs
-- Prices have continually moved through previously established resistance levels
-- Prices are using the SMAs as technical support
Bottom line: this is a bullish chart
On the daily chart, notice the following:
-- All the SMAs are moving higher
-- The shorter SMAs are above the longer SMAs
-- Prices are above all the SMAs
-- Prices have continually moved through previously established levels of resistance
Bottom line: this is a bullish chart.
3 comments:
U.S. dollar: the tallest midget in the room
I've heard from many quarters that the dollar's rally versus the Euro isn't particularly due to "flight to safety" action, but rather due to traders unwinding their interest rate-related carry trades. Consequently, we're seeing people move out of the Euro back into the USD and out of the USD into the Yen.
If the USD were really seen as a safe haven, it wouldn't command only 93 Yen.
I was hoping that you could do an article on the unprecedented drop in the dollar compared to the yen as well. The only thing that stopped the free fall earlier in the year was the consumer check the government handed out... do they really think that will work again?
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