Wednesday, March 24, 2010

The Advisor Weblog

The Advisor Weblog

best pair to trade now II: EUR/USD

Posted: 24 Mar 2010 08:20 AM PDT

I don’t know you, but I’m not willing to hold any euro at this point ;) here is my second choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-03-24.v02.html

 

Too fast: GBP/USD technical points

Posted: 24 Mar 2010 05:40 AM PDT

Market is moving faster than me typing, so I will avoid saving and loading charts, to made this a bit more quicker. GBP/USD is at daily low, testing 1.4920 support, with 4 hours chars showing still room to go. An acceleration here, will likely send the pair to test 1.4860/80 support area, and under that, 1.4820/30 zone. Resistances from here come at 1.4950, 1.4980 and 1.5020.

 

USD/JPY also approaching to key resistance area

Posted: 24 Mar 2010 05:28 AM PDT

Pair is attemting to test daily 200 SMA around 91.60, being first resistance to watch for next hours. This daily chart is showing the pair also above the descendant trend line, supporting also some midterm strength, thus I would love to see an acceleration above the mentioned EMA to confirm a rally to past January highs around 93.70.

4 hours charts also remain strongly bullish yet slightly over bought; above 91.60, next resistance area comes at 91.85 daily highs congestion zone, and then 92.30. Supports from here le at 91.20, 90.80 and 90.50, not seen at this point.

 

Best pair to trade now: AUD/USD

Posted: 24 Mar 2010 04:56 AM PDT

Eur/Usd, technical perspective

Posted: 24 Mar 2010 04:32 AM PDT

Pair sunk to 1.3340 low, reaching extreme oversold conditions both in 1 and 4 hours charts; in between 1.3340/60, pair has a strong congestion support zone, formed by several daily highs and lows,  so after this rally, seems pair will need either to correct or consolidate around this level, before a new rally can take place. Watch pair behavior: upside corrective movement could extend to 1.3385/1.3410 area, yet if fails to break higher, will likley fell back to current area. Above 1.3410, resistances come at 1.3440 and 1.3485; if pair remains close to this 1.3340/60 zone, and starts a consolidation stage that help indicators correct the oversold conditions without in fact rising too much, chances of another break lower ar likely, with supports for today at 1.3310 and 1.3265.

Majors’ sentiment for today

Posted: 24 Mar 2010 03:50 AM PDT

Here is majors’ sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Bullish

Eur/Gbp: Bearish

Eur/Jpy: Bearish

Gbp/Jpy: Slightly Bullish

Starting the dollar day

Posted: 24 Mar 2010 03:36 AM PDT

Hi everyone and welcome back. Well, Euro finally surrender and as comment past Asian session update of the currency majors report, sell off started after breaking this year lows; positive data for the euro zone, is being ignored this morning, and pair continues falling despite better than expected PMI reading in France and Germany, and better than expected IfO survey results. The fact that Fitch rating agency downgraded Portugal’s long term foreign, local currency issuer Default ratings to AA- from AA, does nothing more than push it lower.  Amazingly even yen broke the range, with USD/JPY higher, and building the case for some upside continuation today. Anyway, we have some news to come so here is the calendar lonk, while I prepare the technicals for today:

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

Have a great day!
Posted by at 5:27 PM

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