Friday, January 9, 2009
Forex Friday's
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Notice the following on the weekly chart
-- Prices have dropped to about the 58.2% Fibonacci retracement level from the late 2007 rally
-- The 10 week SMA is moving lower
-- The 20 week SMA is providing upside technical resistance
-- The MACD has topped out and is now falling
-- The RSI is falling
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-- Prices have been rallying since mid-December, but
-- Prices have run into upside resistance at the longer-term trend line
-- The 50 day SMA is moving lower, but at a slight angle
-- The 20 day SMA is moving lower but
-- The 10 day SMA is moving higher
-- Prices and the 10 and 20 day SMA are in a tight configuration
-- The RSI is rising and
-- The MACD is bottoming out and is looking to move higher
Bottom line: there is a lot of conflicting information on this chart.