Friday, December 4, 2009

Forex Fridays

A.) Prices are clearly in a downward sloping channel.

B.) All the EMAs are in a bearish alignment: the shorter EMAs are below the longer EMs, all the EMAs are moving lower and prices are below all the EMAs. Also note the prices have had a difficult time getting above the EMAs -- there is not enough upward momentum to keep prices moving higher through these indicators.

C.) The RSI is medium -- that is, it's neither bullish or bearish.

D.) The MACD is trending lower, but at a very weak angle.

Bottom line: these is little reason to think the dollar will do anything except continue to move lower.