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Strategies & Market Trends : Natural Resource Stocks
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To: Arik T.G. who wrote (17725)1/10/2005 8:54:17 AM
From: Arik T.G.  Read Replies (1) of 108672
 
Market Comments

Currencies

Nice rally on the DXY last week.
Pattern :
The August-October channel was broken to the downside and October-November channel was much steeper. This was broken to the upside and the DXY continued to ride on its upper bank till the recent low on the 31st. Now it's broken that wedge to the upside, too.

Individual currencies :
The Dollar had already reversed against the CAD in late November, found it's low against the Yen in early December, and the Euro was the strongest, with a high against the Dollar on 12/31. For the yen that date was a secondary low.

Last week the Dollar reversed against the Euro, too.
ST the Dollar is overbought so Euro should make some advance but 1.334 to 1.344 area is a good buy Dollar sell Euro area IMO.

I'm looking for a IT (multi month) correction up in the Dollar.

Oil

IMO will shall not see $50 in the 1st half. If we get to 48-49 area in the coming week that's a good entry for a short.

ATG
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