Friday, February 20, 2009

Forex Fridays

Click on all images for a larger picture.

On the weekly chart, the dollar has moved above the triangle consolidation of the last month and is approaching the previous highs established in the fourth quarter of last year. Prices are still above all the SMAs. All the SMAs are also moving higher, although the 10 week SMA is below the 20 week SMA. Also note the MACD is about to give a buy signal with the cross over and the RSI is rising indicating prices are getting stronger. On this chart the main issue going forward is whether or not prices will moved beyond the highs established in the fourth quarter.

The daily chart shows prices have been in an uptrend for two months. They consolidated in a triangle formation for the last few weeks but are once again moving higher. Also note the MACD is rising as is the RSI. The main issue for this chart -- as with the weekly chart -- is whether the dollar will successfully move through the previous high.