Currency Futures Market Comments for March 9, 2010

Neutral on the Yen, but turning Bullish on the Aussie $

REMINDER: March/June Currency Futures Rollover began Monday, March 8!!

CURRENCIES: 03/09/10 Higher closes yesterday for the Canadian and Aussie Dollar along with the Japanese Yen, Euro Fx and Swiss Franc while lower for the British Pound and dollar index. The euro and franc continue to be in downtrends overall while now consolidating and attempting to form possible bottoms. The yen settled slightly higher but still keeping me neutral at this time. The Canadian Dollar settled higher for the seventh trading session in a row making its highest high and close since the middle of January once again. The Aussie Dollar made its highest high and close in over a month giving me a BUY SIGNAL.The pound closed lower also continuing its strong downtrend overall. The dollar had a strong close while showing some signs of topping and has been consolidating in very choppy action at this time. 

See the balance of my morning comments at my website. For my complete coverage, visit my commentary page at http://www.markethead.com. Create customized charts like these at my http://www.markethead.com website. 

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves substantial risk of loss. Spread trading is not necessarily less risky than outright positions. All known news and events have already been factored into the price of the underlying commodities discussed.