Dollar near a 3 Month High on Signs of Economic Recovery

Oil:

For the past few days Crude Oil prices rose to almost $80 a barrel at what seems to be a mild bullish correction. However now, the Bollinger Bands on the 4-hour chart are tightening, indicating that a strong move is impending, and a bearish cross on the 4-hour chart’s Slow Stochastic is taking place, suggesting that Crude Oil is resuming its downtrend. This might be a good opportunity for forex traders to enter the trend at a very early stage

The U.S. dollar Trades Higher on Recovery Signs

Oil:

The daily chart is showing significant signals of a commodity that is overbought on a technical basis. A bearish cross has formed on the daily chart’s Slow Stochastic Oscillator, indicating the potential for a downward price move. The chart also shows the price trading in the overbought zone on the Relative Strength Index. Forex and commodity traders may like to be short on spot crude oil today.

All Eyes on Dollar as 2009 Comes To an End

GBP/CAD:

The pair’s recent bearish trend may be experiencing a correction soon as the 8 hour and daily RSI is floating in the oversold territory and the daily chart’s Slow Stochastic is exhibiting a bullish cross. The 8 hour MACD is also exhibit an impending bullish cross. Forex traders may be advised to go long for the day.

Will the Euro Continue to Rise?

GBP/NZD:

The pair’s bearish trend may experience a correction today as the hourly, 2 hour and 4 hour RSI are floating in the oversold territory. Furthermore, the hourly and 8 hour Slow Stochastic are exhibiting a bullish cross while a breach of the lower Bollinger Band is evident on the 2 hour and 8 hour charts. Forex traders may be advised to go long on the day to benefit the forming trend.

Dollar Tumbles against Yen and Euro

EUR/NOK:

The daily, 4 hour and 2 hour RSI are floating in the oversold territory with the daily and 4 hour Slow Stochastic exhibiting fresh bullish cross forming. The hourly MACD is also exhibiting a fresh bullish cross. Forex traders are advised to go long for the day.

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