Friday, August 28, 2009

Forex Fridays

The weekly chart shows a clear downtrend. The MACD is moving lower along with the RSI. Prices have been and continue to be in a downtrend. All the EMAs are moving lower, the shorter EMAs are below the longer EMAs and prices are below all the EMAs.

The daily chart is a far harder read. There are no clear price patterns over the last few weeks; prices and the EMAs are in a tight range; the RSI and MACD are somewhat directionless. The bottom line is this is a market looking for a direction.