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Strategies & Market Trends : World Outlook
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To: Don Green who started this subject6/4/2004 8:20:42 PM
From: Don Green   of 48786
 
CURRENCY MARKET RECAP

6/4/2004

After an early rally the Dollar failed and moved toward the lowest levels of the week. For the bull camp in the Dollar Friday had to be very discouraging as the US economic numbers were very impressive and could have served to lift the Dollar! However, in the end the Euro, Swiss and Canadian made significant gains against the Dollar and look to be in an upward motion. If good numbers and lower energy prices can't save the Dollar one has to wonder what can save the Dollar. Certainly there were impressive numbers released outside the US Friday and that could explain part of the gains in the Euro and the Canadian.

Technical Outlook

#CURRENCIES 06/07/04: YEN (JUN): The market's close above the 9-day moving average suggests the short-term trend remains positive. The downside closing price reversal on the daily chart is somewhat negative. It is a slightly negative indicator that the close was lower than the pivot swing number. Swing resistance is targeted at 90.75 and above there at 91.43, with the yen finding support around 89.35 and below there at 88.63. The close under the 40-day moving average indicates the longer-term trend could be turning down. Studies are showing positive momentum, but are now in overbought territory so some caution is warranted. The next upside target is 91.43.

EURO (JUN): Momentum studies are trending higher, but have entered overbought levels. The near-term upside objective is at 1.2419. The market is in a bearish position with the close below the 2nd swing support number. Swing support for the Euro comes in at 1.2083, with overhead resistance at 1.2419. The market's short-term trend is positive on a close above the 9-day moving average. The gap down on the day session chart is bearish with more selling pressure possible today.
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