Weekly Technical Landscape For Currency ETFs (FXB, FXE, FXY)

currency1Patrick MontesDeOca: The CurrencyShares British Pound Sterling ETF (NYSEARCA:FXB) closed at 147.48. The market closing below the daily 50 MA (155) is confirmation that the trend momentum is bearish. With the market closing below the VC Weekly Price Momentum Indicator of 148.24, it confirms that the weekly price momentum is bearish. Look to take some profits, if long, as we reach the 149.07 and 150.65 levels during the week week. Buy corrections at the 146.66 to 145.83 levels to cover shorts and go long on a weekly reversal stop. If long, use the 145.83 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

FXE Currency Shares Euro Trust

The CurrencyShares Euro Trust ETF (NYSEARCA:FXE) closed at 1.2892. The market closing below the daily 50 MA (1.3173) is confirmation that the trend momentum is bearish. A weekly close above the 50 MA negates the bearish trend to neutral. With the market closing below the VC Weekly Price Momentum Indicator of 1.2918, it confirms that the weekly price momentum is bearish. Look to take some profits, if long, as we reach the 1.2985 and 1.3078 levels during the week. Buy corrections at the 1.2825 to 1.2758 levels to cover shorts and go long on a weekly reversal stop. If long, use the 1.2758 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

FXY Currency Shares Japanese Yen Trust

The CurrencyShares Japanese Yen Trust (NYSEARCA:FXY) closed at 102.05. The market closing below the daily 50 MA (107.84) is confirmation that the trend momentum is bearish. A close above the 50 MA negates the bearish trend to neutral. With the market closing below the VC Weekly Price Momentum Indicator of 103.02, it confirms that weekly price momentum is bearish. Look to take some profits, if long, as we reach the 104.31 and 106.56 levels during the week. Buy corrections at the 101 to 99.48 levels to cover shorts and go long on a weekly reversal stop. If long, use the 99.48 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

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