When B’s and C’s are Better Than A’s
- Posted by Greg Harmon
- on January 31st, 2013
You have been told since you were 6 years old that A’s are better than B’s and C’s. And this is still the case in education. But there is a place where B’s and C’s look a bit better than A’s, the currency ETF’s. Take a look.
Currency Shares Australian Dollar Trust, $FXA
The Currency Shares Australian Dollar Trust, $FXA, which tracks the Australian Dollar, is bouncing off of the bottom rail of an ascending wedge. The trend is clearly higher as long as it holds that level as support. But this is more of a slow slog than a hard bounce. The A’s will look better if they can get over the 50 day Simple Moving Average (SMA) just overhead. But this is not that exciting.
Currency Shares British Pound Sterling Trust, $FXB
The Currency Shares British Pound Sterling Trust, $FXB, however found a bottom 4 days ago and is making a V shaped recovery. This B has support to continue higher form a rising Relative Strength Index (RSI) as well. Mind the gap at 157.34 but over that it looks good to 159.
Currency Shares Canadian Dollar Trust, $FXC
The Currency Shares Canadian Dollar Trust, $FXC, is similar to the B’s. This C also has been rising in a V shaped recovery since 4 days ago but looks even better. It has support from the RSI rising but it also has room to the gap higher between 100.34 to 100.85 and the 101.20 area above that. So there you have it. The C’s look better than B’s and both are better than A’s.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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