Friday, February 27, 2009

Forex Fridays

Click on all images for a larger image.

On the weekly chart, notice we're clearly forming a double top now. Also note the RSI is increasing and the MACD is about to have a bullish crossover. All the SMAs are moving higher, although the 20 week SMA is about the 10, and prices are above all the SMAs as well.

On the daily chart, notice we're in a clear uptrend that started in mid-December. Also note that prices are above all the SMAs, the shorter SMAs are above the longer SMAs and all the SMAs are rising. The MACD is rising and the RSI shows increased price strength. The main issue now is will prices move above the previous high?