Commentary
If you’re looking to gain currency exposure, currency trusts and ETFs provide a way to do it. The CurrencyShares Euro Trust (ARCA:FXE), CurrencyShares Japanese Yen Trust (ARCA:FXY), CurrencyShares Australian Dollar Trust (ARCA:FXA) and the Wisdom Tree Emerging Currency Fund  (ARCA:CEW) are among the most popular currency ETFs–there are 38 total– with average volume over 130K shares per day. Here’s the technical outlook for these currency ETFs.

CurrencyShares Euro Trust (ARCA:FXE)

The CurrencyShares Euro Trust started a long-term downtrend in 2008, but currently is in the middle of an intermediate trend higher. The uptrend should take the form of a five wave pattern–three waves up and two down–and so far we have seen two of those up waves. The second down wave is currently underway and should find support before $126. As long as the pair holds above that, I like the bullish trade as the third up wave ...