Tuesday, January 22, 2013

Morning Market Analysis

The Australian dollar (top chart) is currently one of the strongest of the reserve currencies.  It has rallied since early October and is currently near 6 month highs.  The overall EMA and CMF picture are storng as well.  The only negative on the chart is the declining MACD, which is to be expected after the latest run.  I wouldn't be surprised to see prices move a bit lower from here.

In contrast, we have the US dollar which is one of the weakest of the reserve currencies.  Prices are below the 200 day EMA and are currently tangled with the shorter EMAs.  Also note the declining momentum.

In Indian market's weekly chart shows that prices are right at important technical levels.  A move through the 62.5 area would make the next logical price target the upper 60s/lower 70s.

The gold ETF is still trading between the 150 and 175 price level.