The Advisor Weblog |
| Best pair to trade now:GBP/USD Posted: 07 Apr 2010 04:05 AM PDT Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-04-07.v02.html
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| Posted: 07 Apr 2010 03:31 AM PDT A couple of weeks ago, I told you I believed euro fall was a bit overreacted, and in fact, the pair managed to regain around 400 pips only to fall back; daily chart show us the pair remains clearly bearish, with indicators under their mid line, 20 SMA capping the upside, and with a bearish slope, all suggesting is not time for a bottom and reversal yet. Smaller time frames, show pair has been consolidating in between 1.3360/1.3410 for most of the week, so we need an acceleration either under or above that levels to see a more interesting rally; resistances above 1.3410, lie at 1.3440 and 1.3485, while supports come at 1.3360, 1.3330 and the 1.3290 area.
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| Posted: 07 Apr 2010 02:41 AM PDT Majors’ sentiment for today: Eur/Usd: Slightly Bullish Gbp/Usd: Neutral Usd/Chf: Slightly Bearish Usd/Jpy: Bearish Eur/Gbp: Neutral Eur/Jpy: Slightly Bullish Gbp/Jpy: Slightly Bearish
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| Posted: 07 Apr 2010 02:34 AM PDT Hi everyone, welcome back. As we have been talking lately, majors are moving on their own strength/weakness rather than following blindly market sentiment, and that’s clearer day after day across the board. Dollar mixed close yesterday against major rivals was a clear sign of that: FOMC dovish stance, that downgraded both GDP and inflation forecast sent greenback lower thus weak Euro was unable to made foot after Greece Prime Minister refuse to amendthe EU/IMF rescue plan. Aussie and Cad set fresh highs as commodity prices rose, while Pound regained the ground lost early Europe. In current session, European currencies remain consolidating in ranges, with no much definitions, while the overall winner is Canadian Dollar, moving under parity after reaching an almost 2 years low around 0.9975. We have a lot of first line data today starting in a couple of minutes so, here is teh link for todays’ calendar: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day!
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