Tuesday, May 4, 2010

The Advisor Weblog

The Advisor Weblog

Best pair to trade now II: GBP/USD

Posted: 04 May 2010 07:45 AM PDT

We could be seing a probable bottom in pound, but if we lose 1.5080, more downside to come; here is the chart updated:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-05-04.v04.html

Hourly perspective for US session

Posted: 04 May 2010 06:47 AM PDT

Here is the hourly perspective updated.. watch the 1.5120 in Pound!

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/

Euro sell off continues

Posted: 04 May 2010 05:23 AM PDT

And seems there are no come back at least now: upside corrective movements are limited, and pair has just reached my target area, so I believe we are going to see either some consolidation, or a correction before a new leg down. If pair remains capped under 1.3100 now, next downside acceleration trough 1.3070 should lead to 1.3020/30 area… I don’t dare to call a bottom at this point, but won’t be easy to extend without corrections, even short lived ones.

USD/JPY technical view

Posted: 04 May 2010 04:32 AM PDT

When comes to turmoil times as the ones we are having these  days, USD/JPY tends to fell like a rock, as in risk aversion times with dollar and yen as safe havens, is common to see yen gaining even more strength than dollar. However, things are not always 100% sure in the forex market, and yen is the best example of that: pair has been just unable to extend the upside due to risk aversion, way ahead from past 2009 falls. I do believe yen has way lot room to fall, so USD/JPY should keep rising slowly but steadily, supported mostly by fundamental reasons: Japan government really wants a lower yen, and lawmakers even mentioned the 120.00 level something quite impossible at this times. Not 120, but 100 could be, yet no short term my friends. Don’t get into the market with that target in mind. Anyway, 4 hours indicators are showing a probable downside corrective movement, that could reach the 94.20730 support zone, where we have 20 SMA and an ascendant trend line. I don’t expect the pair to lose that zone. If it does, 93.70 area should keep the downside limited. Immediate resistances today, lie at 94.80, 95.10, and the strong 95.50 zone.

Best pair to trade now: EUR/USD

Posted: 04 May 2010 03:52 AM PDT

We should wait for a slightly corrective movement first, but I do see pair resuming dowtrend; the length of the correction will be key. Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-05-04.v03.html

Majors’ sentiment for today

Posted: 04 May 2010 03:40 AM PDT

Majors’ sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Bullish

Eur/Gbp: Neutral

Eur/Jpy: Slightly Bearish

Gbp/Jpy: Slightly Bearish

Starting the day

Posted: 04 May 2010 03:38 AM PDT

Hi everyone and welcome back! Well, I have barely opened my eyes and found euro just above this year low, Pound testing 1.5150 support, and Yen near 95.00; turmoil in the euro zone is getting worse, as Moody’s rate agency said earlier today that the rescue package is not an end to the Greek crisis; more or less what we have been discussing yesterday at live Wrap up Webinar: will take at least a year for the eurozone, to recover pre crisis growth levels. And with US showing growth, at least partial after yesterday manufacturing data and ahead of a good payrolls readings this Friday, dollar will likely be on favor more than today. Anyway! I will be looking for the best pair to trade now, and if wordpress server let me, add a couple of comments about majors. Here is the link for today’s calendar:

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

Have a great day! 
Posted by at 5:38 PM

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