The Advisor Weblog |
- Eur/Usd oversold in the hourly
- Cause or reaction?
- Hourly update for majors
- Gold leading the way
- Usd/Jpy in an ascendant channel
- Eur/Usd: different points of view
- Eur/Usd technical points
- Majors’s sentiment for today
- Starting the day
| Eur/Usd oversold in the hourly Posted: 26 Oct 2009 10:30 AM PDT Eur/Usd has break lower as gold also break the 1043 key support level and stocks keep falling in the U.S. Early to say, if both, pair and gold close the day at current levels or lower, we could see some further downside movements this week as fears growth, and panic selling begins. Anyway we should see some upside corrections from here, before next down leg. The strength and length of that correction will tell us if Euro will be able to regain the 1.5000 level or not.
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| Posted: 26 Oct 2009 08:40 AM PDT Dollar is quickly gaining ground as gold test levels under 1050/oz, and American indexes fall. Dow Jones Industrial Average breached under 10.000, reaching almost the 9900 level in a few minutes, while oil also gave up some ground thus remains around $ 80.00 a barrel. EUR/USD fall has reached the 1.4940/50 support area, should rebound to the upside, or at least consolidate at current levels before next movement. If unable to regain 1.5000, more downside pressure could be seen.
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| Posted: 26 Oct 2009 06:32 AM PDT Not much news in the hourly report, as market remains moving in tight ranges. Anyway, if you want to see what I expect for U.S. session, here it is:
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| Posted: 26 Oct 2009 05:11 AM PDT Still not clear or strong, dollar is gaining some ground against major rivals, as gold falls: quoting around 1054/oz, the commodity is far from 1043 key support. Oil remains above $ 80.00 a barrel, but 0.21% down on the day, also giving greenback some air.
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| Usd/Jpy in an ascendant channel Posted: 26 Oct 2009 04:55 AM PDT Japanese yen continues losing ground, and moving inside an ascendant channel. Pair has entered in a consolidation stage, and as long as the 91.50 area holds, it has further room to rise; Immediate resistances come at 92.00 and the 92.30/50 area; above it, expect the pair to test the 93.00 level. Under 91.50 supports come at 91.20 and 90.80 level, not seen for today.
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| Eur/Usd: different points of view Posted: 26 Oct 2009 03:28 AM PDT You know I’m not a big fan of long term. Anyway If you want to see some smart points of view of where the pair could go, here you have the link to some ITC expects ideas: http://www.fxstreet.com/search/tags/?id=technicalforecast that includes Rob Booker, Ashraf Laidi, Kim Cramer and James Chen forecasts; you can also joint a forum discussion about that subject following this link: http://www.fxstreet.com/forum/showthread.php?t=53208 Me? humm I’m closer to 1.35 than 1.75, yet for now, charts are saying another thing. So! untill I don’t have any technical confirmation seems I’m not able to take a long term decision in this pair. Enjoy!
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| Posted: 26 Oct 2009 03:04 AM PDT Eur/Usd remains quite bullish in the 4 hours charts despite trapped in range since early Asia. Quoting around 1.5030, 20 SMA continues guiding price acting as dynamic support, while momentum points for further euro winnings ahead. First key level to consider is the year high around 1.5060, followed by 1.5100 zone, and 1.5156, 76.4% retracement of the monthly fall 1.6038/1.2330. The pair seems unable to clearly move under 1.5000, our first support for today, followed by the very close 1.4970 zone. Pair needs to accelerate after breaking that zone, to extend any downside movement, with 1.4940 as next level to watch, yet seems to be quite hard to see the pair reaching that level easily.
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| Posted: 26 Oct 2009 02:28 AM PDT Here is majors sentiment for today: Eur/Usd: Bullish Gbp/Usd: Bearish Usd/Chf: Bearish Usd/Jpy: Bullish Eur/Gbp: Bullish
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| Posted: 26 Oct 2009 02:21 AM PDT Hi everybody and welcome back! Despite starting the session with some strength, dollar fell against major rivals in Asia, after an official newspaper of the Chinese central bank said China should cut its U.S. dollar holdings, adding to concerns over the unit’s global reserve currency status. However, pairs had traded in short ranges, with Gbp under strong pressure; after last week GDP reading, concerns about more QE to be nedeed keep GBP/USD close to daily lows. We have a quiet day ahead from the fundamental point of view, as usual for the last days of the month, so watch for stocks and gold to keep driving the way. I will be posting majors key technical levels and fundamental matters for each, as soon as I end reading my pending mail Have a great day!
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