Tuesday, February 23, 2010

The Advisor Weblog

The Advisor Weblog

Best pair to trade now, version II: USD/JPY

Posted: 23 Feb 2010 07:36 AM PST

We are approaching to a nice counter trade entry point in the pair. Let’s see if it works as i expect!

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-02-23.v03.html

Bad news for Euro, good news for Dollar

Posted: 23 Feb 2010 06:13 AM PST

Data published just now, show Belgium business climate come out quite negative, even under expectations, at -7.0 from -4.9 expected. In the US, rising demand, lifted by government efforts, has stopped the free fall in home prices, according to the  S&P/Case Shiller Home price indexes; dollar spiked up, but also stocks and gold. Not much of a reaction yet, as market waits for next U.S. data.

Best pair to trade now: EUR/USD

Posted: 23 Feb 2010 05:54 AM PST

USD/JPY under pressure

Posted: 23 Feb 2010 04:36 AM PST

Approaching quickly to the 90.80 support area, pair remains bearish both in 1 and 4 hours charts, with no signs of correcting yet. An acceleration here, should send the pair even lower, to the 90.40 area first and then to test psychological 90.00 level. Resistances from current price lie at 91.05, 91.30 and 91.60, not seen at this point.

 

GBP/USD technical perspective

Posted: 23 Feb 2010 04:20 AM PST

Pound has fell strongly after disappointing economic outlook form BOE, and now seems to be correcting slightly; take a look at the hourly chart: slightly oversold at the lows, now pair is addressing to the 1.5440 area, let’s see if it handles to break above, not likely at this point. Around there, pair should resume down trend, and if today’s low gives up, next probable target in line comes at the 1.5340 area, ahead of 1.5290.

If the pair manages to regain the 1.5440 level and attempts to rise further, next resistances in line come at 1.5485 and the 1.5520 area.

 

Eur/Usd back to test key support

Posted: 23 Feb 2010 04:05 AM PST

Eur/Usd seems ready to extend to have settle down a bit after losing more than 100 pips in 3 hours. Consolidating under 1.3600, as long as that resistance level remain unbroken, chances remain to the downside according to both, 1 and 4 hours charts. Falling under 1.3555 today’s low, will find next support at the 1.3530 area, ahead of 1.3485 zone, where we have the 61.8% retracement of past year bullish rally. If above 1.3600, next resistance in line will be the 1.3640 area.

 

Majors’ sentiment for today

Posted: 23 Feb 2010 03:48 AM PST

Here is majors' sentiment for today:

Eur/Usd:  Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Bearish

Eur/Gbp: Neutral

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Starting the day

Posted: 23 Feb 2010 03:44 AM PST

Hi everyone and welcome back! I have been following dollar rally for the last couple of hours, triggered by BoE’s doom perspective on UK economy, German IFO survey, and also quite negative data for France; stocks are falling hard, gold is at daily low and falling along with oil that lost more than 2 dollar per barrel; risk aversion sentiment has come back in full shape to the market at the real beginning of the week, afteryesterday’s quiet. We have furhter news, later in the US session, so here is the link, while I prepare the technical perspective:

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

Have a great day! 
Posted by at 7:01 PM

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