Friday, January 30, 2009
Notice the following on the weekly chart:
-- The dollar rallied strongly last yeat, moving from 71 to 88
-- The dollar has sold off and again rallied, but not to previous levels
-- The previous uptrend line first provided resistance and then support
-- The 20 and 50 week SMA are still moving higher
-- The 10 week SMA is moving lower and is about to cross over the 20 week SMA
-- The MACD is moving lower
-- The RSI is in a moderate position
Notice the following on the daily chart:
-- This chart shows the second rally in a far clearer way.
-- Regarding the second rally, notice the 10 and 20 day SMA are both moving higher but the 50 day SMA is moving slightly lower
-- The SMA picture is a lot more cloudy during the second rally. Notice that all the SMA are bunched together within a point or two of each other.
-- The MACD is still rising
-- The RSI is rising