The Advisor Weblog |
- Usd/Chf tested the base of the channel
- Gold retreated and bounced back
- Gbp/Usd for today
- Eur/Usd technical points
- Majors’s sentiment for today
- Starting the day
| Usd/Chf tested the base of the channel Posted: 08 Sep 2009 06:25 AM PDT Pair finally break under the key 1.0550 level and accelerate to the downside. Testing the base of the daily descendant channel, pair rebounded strongly from that level, yet remains extremely oversold both in 1 and 4 hours charts. Corrective movements should extend now, with resistances at 1.0490 1.0520 and 1.0550 zone. Confirmations under the channel base, will trigger more selling in the pair, with 1.0420 1.0380 and 1.0350 as immediate support zones.
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| Gold retreated and bounced back Posted: 08 Sep 2009 05:53 AM PDT Gold retreat to test $ 1000/Oz, and bounced back to the upside, keepind dollar unable to correct; majors remain consolidating close to daily highs against greenback, and seem ready for another leg higher. Maybe after U.S. open in around 30 minutes.
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| Posted: 08 Sep 2009 05:33 AM PDT Despite the run, Gbp is still inside previous months range: no breaks here until we break clearly above 1.6660 area, but no doubts the pair regained upside momentum, mounted on strong bearish dollar sentiment. 4 hours chars show pair is probably making a reversal candle, while indicators already point for a downside correction; still candle is not over so we need to wait and see. Supports from current level, lie at 1.6520, 1.6480 and 1.6440. Resistances are 1.6600, 1.6660 and finally the 1.6700 area.
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| Posted: 08 Sep 2009 04:58 AM PDT Eur/Usd broke range to the upside, and reach the 1.4497 level; we are above the 1.4445 yearly high, top of the range, so that’s our first support for next hours. Maybe if gold retrieves unde $1000/oz, Euro could start a downside correction, yet take a look at the 4 hours charts: despite RSI is at 72.00 marking pair is over bought, momentum remains strong. 20 SMA is turning to the upside, winning bullish slope, and supporting further rises. Above 1.4500, consider resistances at 1.4536 and 1.4570 zone, ahead of 1.4600; honestly if 1.4500 gives up, and pair consolidates above that level, a retest of December’s high at 1.4719 seems more than probable. Under 1.4445 correction could extend to 1.4410 without harming the bullish trend. Next support lies at 1.4360/80 area.
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| Posted: 08 Sep 2009 04:38 AM PDT Here is majors sentiment for today: Eur/Usd: Bullish Gbp/Usd: Bullish Usd/Chf:Bearish Usd/Jpy: Bearish Eur/Gbp: Bearish
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| Posted: 08 Sep 2009 04:36 AM PDT Hi everybody and welcome.Well, seems we are finally out of range! As we talk about yesterday, gold was leading the way. The commodity reached $ 1007/oz. and dollar fell across the board, with Euro reaching almost the 1.4500 level, Swiss Franc under the key 1.0550 and Gbp at 1.6550. Majors are overbought from 4 hours charts to 5 minutes one, but there are no signs of losing momentum , no time for corrections yet. Good European data, plus rising stocks both in Asia and Europe support the dollar fall; I will post levels to watch shortly. Here is the link for today’s calendar: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day! I will be one of the key speakers in Barcelona, October. Here is the link if you want to know more about it: http://www.traders-conference.com
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