Friday, November 14, 2008

Forex Friday



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Notice the following on the weekly chart:

-- Prices have advanced almost 20% a month and a half

-- All the SMAs are moving higher

-- The shorter SMAs are above the longer SMAs

-- Prices are above the longer SMAs

BUT

-- The RSI is overbought, and

-- The MACD is overbought




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Notice the following on the daily chart:

-- Prices have continually moved through resistance

-- Prices are above all the SMAs

-- All the SMAs are moving higher

-- The shorter SMAs are above the longer SMAs

BUT

-- The MACD is declining, and

-- The RSI is weakening

Bottom line: this is a chart that wants to correct a bit.