The Advisor Weblog |
- Hourly perspective for majors’
- USD/JPY holds above 93.00
- US ADP data worse than expected
- GBP/USD technical perspective
- Best pair to trade now: EUR/USD
- Majors’ sentiment for today
- Ahead of Easter holidays
| Hourly perspective for majors’ Posted: 31 Mar 2010 06:30 AM PDT Here is the hourly perspective updated for US session:
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| Posted: 31 Mar 2010 05:38 AM PDT After US negative ADP data, USD/JPY retreat from daily highs to test 93.00 support area, past days’ high,where pair is actually quoting. 4 hours charts show a probable downside corrective movement ahead if the level gives up, thus 20 SMA around 92.70 with a strong bullish slope should keep the downside limited; general sentiment remains bullish in the pair, and if back above 93.40/50 area, pair should attempt to test next strong resistance area, the 93.75 past January high.
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| US ADP data worse than expected Posted: 31 Mar 2010 05:19 AM PDT ADP private survey shows a very negative reading of -23K ahead of NFP, instead of the expected increase of 40K. reading is even worse than previous month -20K; dollar is quickly losing ground against major rivals in a first spike, while treasuries jump to the upside. Seems dollar bearish trend is meant to extend today, as fresh lows are seen against Pound, Euro and Swissy.
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| Posted: 31 Mar 2010 05:00 AM PDT As expected on last updates, Pound reached the 1.5120 resistance level, corrected to 1.5050 support area, and then break higher reaching currently 1.5160 zone. I see some consolidation around this level, as 4 hours indicators look a bit exhausted to the upside, suggesting some short lived downside corrective movements; supports form current level lie at the 1.5120 strong support, ahead of 1.5085 and 1.5050 mentioned area. A break above today’s high, could send the pair to test 1.5230/40 area, where 200 EMA in the 4 hours charts should halt the upside at least at a first attempt.
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| Best pair to trade now: EUR/USD Posted: 31 Mar 2010 04:18 AM PDT Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-03-31.v02.html
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| Posted: 31 Mar 2010 04:17 AM PDT Majors’ sentiment for today: Eur/Usd: Slighty Bullish Gbp/Usd: Bullish Usd/Chf: Bearish Usd/Jpy: Bullish Eur/Gbp: Bearish Eur/Jpy: Bullish Gbp/Jpy: Bullish
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| Posted: 31 Mar 2010 04:15 AM PDT Hi everyone and welcome back! No much introductions today, most of the world has changed hours but not here, so to catch up with previous GMT time, I need to wake up way too much earlier, and I’m still not getting used! maybe this long week end will help me to adjust mi internal clock to winter time in the north side of the globe. Anyway! dollar and yen are down across the board, I do believe big part due to some profit taking and position adjustment ahead of Easter holidays. We have a good number of US reports later today, so check the calendar, while i keep looking the technical points for today: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day!
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