Currency Wrap Up
About a week ago the British Pound was forming a "potential" Head and Shoulders top which would have been confirmed if the neckline (red trendline) was broken to the downside. As you can see the neckline was never broken and now the pound is taking out resistance so the Head and Shoulders pattern does not exist anymore. Looks like the British Pound is going to test the year high.
The Japanese Yen has formed a symmetrical triangle. Usually this kind of formation leads to an expansion in volatility.. Look for volatility to expand once the Yen moves out of this formation, a large move might be just around the corner!
The Euro is on fire and is moving into new high ground... Not much to say technically about this chart so I will just remain on the sidelines and wait for some kind of a pullback to possibly buy.
On Friday the Australian Dollar made a new high for the year...
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
2 comments:
Kevin,
On teh YEN which way are you lookin gfor it to go. Should it go up with the unwinding of the carry trade? If, so what would you wait for to go long? ( if that is the correct analysis)
What are some ways to play forex moves?
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