Monday, December 21, 2009

The Advisor Weblog

The Advisor Weblog

Gold and stocks

Posted: 21 Dec 2009 06:50 AM PST

After spiking to the upside, gold is falling strongly in the last 20 minutes, since U.S. opening. Wall Street is quite positive, and dollar is up across the board. Swissy is approaching to 1.0440 level against dollar, watch that zone, as  a confirmation above that level, could trigger more dollar gains. Gold is under $ 1110/oz.

 

Majors’ hourly perspective

Posted: 21 Dec 2009 06:29 AM PST

Best pair to trade now: USD/CAD

Posted: 21 Dec 2009 05:29 AM PST

EUR/USD technical perspective

Posted: 21 Dec 2009 04:16 AM PST

The big and the small picture: this is a daily chart: week has started far under the 61.8% retracement, even under 200 EMA in the daily chart. Indicators look oversold, yet that does not mean a strong upside recovery: just some corrections are likely to be seen. In the term, resistances lie at 1.4550 and the 1.4620 area. Under 1.4200, 50% retracement of the monthly fall, 1.4050 area seems to be next support to consider.

 

4 hours charts show pair has reached several time oversold conditions, correcting them slightly to the upside, before a renewed selling rally. 20 SMA remains strongly bearish, while momentum is pointing higher. 1.4370 is the first resistance level ahead of 1.4410 area; above this one, 1.4460. Supports today, lie at 1.4300, 1.4260 and then, 1.4220 zone.

 

Majors´sentiment for today

Posted: 21 Dec 2009 03:20 AM PST

Here is majors’ sentiment for today:

Eur/Usd: Neutral

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Neutral

Eur/Gbp: Slightly Bullish

Starting the day

Posted: 21 Dec 2009 03:13 AM PST

Hi everyone and welcome back! A quiet start of the week, with thin markets yet Euro weakness remains for now, unchanged: EUR fell against Swiss Franc early Asia, far beyond SNB intervention levels, reaching a multi months low of 1.4830. The probability of an intervention there to avoid further appreciation, plus the fact that thin markets tend to exacerbate forex movements, at the end will be a dollar positive factor. Anyway, lack of data early today,  some thing interesting to comment is German Finance Minister comments: despite Germany still sees their economy in recovery, the rising euro was no good for their exports: if exports start to improve with this Euro weakness, more is underway.

OPEC has repeat its’ stance: El Badri commented they have no plans to raise oil output next year, and the black gold rose a couple of bucks, still trapped in the $ 70/80 per barrel range. Gold is at $1112/oz, not much also coming from there. We have some news from Canada later today, so here is the link for today’s calendar:

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

Have a great day!
Posted by at 7:17 PM

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