Friday, February 13, 2009

Forex Fridays

The main issue on the weekly chart is that dollar prices have not risen to previous highs. They still could, but they haven't gotten there yet. The SMAs are sending mixed signals. The 20 and 50 week SMAs are moving higher while the 10 week SMA is moving lower. Also note the 10 day SMA just crossed below the 20 week SMA, although prices are still above all the SMAs

On the daily chart we can see a solid triangle consolidation pattern forming. Also note the 10 and 20 day SMA are moving higher while the 50 day SMA is moving lower. The MACD and RSI aren't much help on this chart as both are pretty stagnant right now.