Tuesday, November 3, 2009

The Advisor Weblog

The Advisor Weblog

Take a look at gold

Posted: 03 Nov 2009 07:41 AM PST

If something is halting further dollar gains, no doubts is gold. Having reached a few minutes ago the 1069 level, barely a couple of bucks under the historical high reached past October, the commodity keeps pushing higher. Keep an eye on it, a break higher could trigger interesting movements in currencies, starting with Aud.

 

Majors’s hourly perspective pre America opening

Posted: 03 Nov 2009 05:25 AM PST

Here is majors update for the next session, with charts and levels:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/

Best pair to trade now: Eur/Usd

Posted: 03 Nov 2009 04:42 AM PST

Don’t get too excited: key events ahead

Posted: 03 Nov 2009 03:19 AM PST

Early to say, a warning in forex trading is always welcome and needed. Despite the strong movements we are seeing in market, we should not forget we have FOMC, ECB and BOE decision next Wednesday and Thursday ( i will be covering all live! at Fxstreet.com home page), and U.S. Non Farm Payrolls next Friday. Long term definitions will be confirmed (or not) by the end of the week.

Eur/Usd technical perspective

Posted: 03 Nov 2009 03:14 AM PST

Well, EUR/USD reached the expected 1.4640 level, and is still close to it, printing lower lows, suggesting rally is not still over, despite the pair is getting extremely oversold in smaller time frames. Pair needs to made an upside corrective movement before next down leg, yet if breaks under 1.4610, downside movement could extend to next key strong support of 1.4550 area before starting a correction. in between, 1.4580 will also offer some support to the pair, and final zone to consider today will be around 1.4500/10. Resistances from current level, are located at 1.4660, 1.4700 and 1.4740 zone.

 

Euro and Swissy breaking lower

Posted: 03 Nov 2009 02:00 AM PST

Well, I did not been able to finish AUD previous post, while price already break lower (still far from long term confirmations but well there we are) and both Euro and Swissy break previous key highs. a quick post: watch next support in Euro at 1.4640, if we break there we could see hell breaking lose today (I’m over reacting yes.. sorry   ;) ) next key level for Swissy comes at 1.0320.

Why watch AUD/USD

Posted: 03 Nov 2009 01:56 AM PST

Understending market correlation is the base of all good trading; see what’s going on here: this is a weekly chart of AUD/USD where you can see not only the ascendant trend line, but also the Fibonacci rally of the fall from 0.98 to 0.60; pair has break above the 76.4% retracement of the rally, and remains there, while indicators show we are close to extremes and ready for a downside correction.

 

Turning to 4 hours charts, what do you see? pair has rebounded at the mentioned Fibo level, around 0.8940, several times this past weeks, yet each time, reaching lower highs; 200 EMA is there also, offering extra support in the zone, while price is ready to break lower. Of course, to call for a break of the level, we need to see at least, a daily candle close under it, yet if it does, it will likely push dollar higher across the board. Next key level/target if so, will be the ascendant trend line, around 0.8800 for this week.

 

Majors’s sentiment for today

Posted: 03 Nov 2009 01:44 AM PST

Here is majors sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Bearish

Eur/Gbp: Neutral

Starting the day

Posted: 03 Nov 2009 01:37 AM PST

Hi everybody, and welcome to this moody market! the recovery we saw in stocks, and currencies past Monday, has been already erased after RBA rate decision. As expected, they lift rates again, but just 0.25bp, something market had already priced in. With Japan closed for holiday, market was thinner than usual, and majors jumped to the upside, only to come quickly back down, as Australia’s central bank signaled it may pause its monetary tightening next month. Dollar is running higher against major rivals, even above yesterday’s high in most of the crosses, and seems ready to continue. Early U.K. data, Construction PMI worse than expected is adding to the general feeling.  I will add quick post with what I can see in majors, for the hours to come, as we are back again approaching to key points. Here is the link for today’s calendar:

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

Have a great day!
Posted by at 5:14 PM

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