Friday, June 5, 2009

Forex Fridays

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On the weekly chart, notice prices have fallen through a bear market flag pattern that formed a few weeks ago. Prices are now through all the weekly SMAs which would provide technical support; they will now provide resistance on an attempted upswing. Also note the MACD and RSI are dropping. Both have room to run lower.

The dollar is once again a bear market chart. The MACD and RSI are both moving lower. Prices are below all the SMAs, the shorter SMAs are below the longer SMAs and all the SMAs are moving lower. The drop started at the beginning of March right when the stock market rally started. Interesting....