Friday, March 6, 2009

Forex Friday's

Click on all images for a larger image

The weekly chart is very positive. Notice the following:

-- The MACD is giving a buy signa

-- The RSI is rising indicatin increasing price strength

-- Prices have been rising for the last three months

-- Prices have broken through upside resistance

-- All the SMAs are moving higher

-- The 10 week SMA is about to cross over the 20 week SMA, which will lead to a very bullish alignment of all the shorter SMAs being above the longer SMAs

Notice the following on the weekly chart:

-- Prices have been rising since mid-December

-- All the SMAs are moving higher

-- The shorter SMAs are above the longer SMAs

-- Prices are above the SMAs

-- The MACD is increasing

Bottom line: this is a good example of a bullish chart.