Friday, August 14, 2009

Forex Fridays

The weekly chart shows a clear downtrend. The MACD and RSI are both moving lower. Prices are moving lower and have consolidated losses in at least on triangle. All the EMAs are moving lower, the shorter EMAs are below the longer EMAs and prices are below all the EMAs.

The daily chart shows a move lower but notice that the technical indicators are weakly indicating a lower move. The trajectory -- the steepness of the RSI and MACD -- aren't that severe right now.