Friday, October 23, 2009

The Advisor Weblog

The Advisor Weblog

Stocks quickly reversed

Posted: 23 Oct 2009 07:38 AM PDT

Despite the better than expected data, today’s market reaction is exaclty why I always wait at least one 15 minutes candle after any report, to make a market decision. Despite Microsoft soars 10% after the software giantbeat analyst forecasts, U.S. indexes are falling heavily, supporting dollar across the board. EUR/USD tested 1.4990 lows, Swiss Franc is close to 1.0100, and  break of that zones could favour even more greenback. GBP/USD has been still unable to confirm the break of the strong zone mentioned early yet remains quite close, suggesting more downside to come.

Majors hourly update

Posted: 23 Oct 2009 07:04 AM PDT

Here is the link to the majors outlook in the hourly chart, plus a Gbp update. Enjoy!

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-10-23.html

U.S. Existing Home data

Posted: 23 Oct 2009 07:02 AM PDT

U.S. existing home sales come out 5.57Mcompared to 5.1M previous month and market reacted as usual, following stocks: U.S. indexes jump up after the 9.4% increase, and first reaction is sending dollar and yen mostly down. Watch for EUR/JPY and GBP/JPY could offer some interesting chances. Anyway, let’s see if in 15 minutes market finally decide today’s bias.

GBP/USD continues falling

Posted: 23 Oct 2009 04:23 AM PDT

The slump in U.K. GDP has triggered a selloff in GBP that has just lost the 1.6400 level. Still bearish despite oversold, pair is targeting the 1.6340 strong support area, key level to watch: if the pair reaches that level without any previous correction, likely to rebound to the upside there. If we saw some pullbacks, from current zone, not quite clear right now, pair can consolidate between 1.6340/60 before a break lower: watch for volume during break that will confirm if the pair will be able to extend the downside rally. More volume at the break, could take the pair to 1.6290 area. Upside now limited by 1.6440/60 strong resistance level, target zone for corrective pullbacks. Under 1.6340 next supports come at 1.6300 area, and 1.6250. Resistances on the other hand come at 1.6410, mentioned 1.6440/60 area, and 1.6520 strong zone.

 

Majors’s sentiment for today

Posted: 23 Oct 2009 03:08 AM PDT

Here is majors sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bearish

Usd/Chf: Bearish

Usd/Jpy: Slightly Bullish

Eur/Gbp: Bullish

Starting the day

Posted: 23 Oct 2009 03:02 AM PDT

Hi everybody and welcome back! Ok it’s all over. ITC, days off in Palma de Mallorca ( by the way, if you have the chance, go there! is a small heaven on earth!) and after 30 hours and 3 plains, I arrived home yesterday afternoon! I turn on my charts but was unable to see anything: completely exhausted, I take last break before coming back to forex. Have you ever watch charts without seeing? well that’s what happened to me this week. Anyway! I’m back and I will add to this blog, all the new experiences I lived lately.

Market! ok.. market is where we left it, with gold and stocks up, and dollar and yen down. I will start adding charts and comments after this introduction, but no doubts the strong slump in U.K. GDP is the main news this morning, with GBP loosing 250 pips against dollar: things are not so good anywhere and this is quite a probe. Dollar is weak, but also the rest of the economies. As we comment on the ITC, the only currency moving by own strength is Australian Dollar; the rest is just speculation. Let’s see how long it last. Here is the link for today’s calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day! 
Posted by at 5:19 PM

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