Thursday, October 29, 2009

The Advisor Weblog

The Advisor Weblog

Live coverage

Posted: 29 Oct 2009 04:40 AM PDT

In a few minutes, I will be starting the live coverage of the U.S. GDP release. Join me at Fxstreet.com home page.

Best pair to trade now: EUR/JPY

Posted: 29 Oct 2009 04:27 AM PDT

Gbp/Usd pushing higher

Posted: 29 Oct 2009 03:29 AM PDT

Gbp continues pushing higher, close to yesterday’s high of 1.6453, also 23.6% of last Fibonacci rally. Above that level, pair likely approach to 1.6490 area ahead of key 1.6520. This level has been quite strong the past months, so pair should retreat from there. If broken pound will gain more upside momentum, and likely approach to the 1.6550/60 area. To the downside, first support comes at 1.6410, followed by 1.6350 area, and 1.6320. The pair has quite a messy congestion zone between 1.6280/1.6320, so we need to see it clearly under that levels, to call for a downtrend continuation.

 

Can Pound hold?

Posted: 29 Oct 2009 03:18 AM PDT

While I prepare the Pound technical perspective for today, take a look at this article: economist expect more QE in the U.K. Meeting will be next week, so we don’t have to wait too long to see the answer ;)

http://business.timesonline.co.uk/tol/business/economics/article6894523.ece

Eur/Jpy technical view

Posted: 29 Oct 2009 03:04 AM PDT

Pair also reached a strong Fibonacci level, and rebounded from 132.80 lows, after failing to extend the downside movement under the 61.8% of the last daily rally. 4 hours indicators are way over sold, suggesting more upside to come before more clear definitions, if the pair manages to regain the 134.00 level. Above it, next resistances come at 134.50 and 135.10, while supports for next hours lie at 133.20 and mentioned 132.80 lows. An acceleration under that level, could trigger more selling in the pair, with 132.00 as next target zone to consider.

 

Eur/Usd levels

Posted: 29 Oct 2009 02:35 AM PDT

Taking a look at 4 hours charts, pair has reached and remain over sold since past American session. Despite the strong fall, Eur failed to break the 61.8% retracement of the daily upleg, and right now is hitting 200 EMA, that usually acts as dynamic resistance level. Also, 20 SMA holds a strong bearish slope, so I expect some upside corrective movements, before next down leg. If the correction extends above 1.4810, then the downside will be more limited for today. Resistances from current level are 1.4770, 1.4810 and above, 1.4845, 38.2% of the rally. A 4 hours candle opening under 1.4700, will find next supports at 1.4670, and then 1.4620.

 

Majors’s sentiment for today

Posted: 29 Oct 2009 02:15 AM PDT

Here is majors sentiment for today:

Eur/Usd: Bearish

Gbp/Usd:Slightly Bullish

Usd/Chf: Bullish

Usd/Jpy: Bearish

Eur/Gbp: Bearish

Starting the day

Posted: 29 Oct 2009 02:14 AM PDT

Hello everybody, and welcome back. After American session was over, I reviewed my charts for the Asian session webinar, and I found out many crosses reached key Fibonacci retracement levels: EUR/USD at the 61.8% of the last daily up leg, USD/JPY at the 38.2% also daily rally, EUR/JPY at a 50%, GBP/USD holding above a 38.2%, AUD, even DJIA pulled back to a monthly 61.8% with yesterday’s fall. Quite interesting, showing we are still in a correction of previous trend; no calls for a change. During Asian session, Yen crosses move one step further, but that’s it. Investors had made some short covering ahead of Europe, but market will be waiting for the U.S. GDP to decide if dollar recovery will extend. Expected positive after several quarters of negative readings, let’s see how much optimism/fear the report can trigger: I wil be covering  it Live! from Fxstreet.com home page. Anyway, we have a lot of data before and after, so here is the link for today’s calendar:

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

Have a great day!
Posted by at 6:23 PM

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