Friday, December 4, 2009
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.
Posted by Hale Stewart at 12/04/2009 06:41:00 AM