Thursday, May 13, 2010

The Advisor Weblog

The Advisor Weblog

Best pair to trade now II: GBP/USD

Posted: 13 May 2010 07:44 AM PDT

Hourly perspective for US session

Posted: 13 May 2010 06:37 AM PDT

Best pair to trade now: EUR/USD

Posted: 13 May 2010 04:10 AM PDT

EUR/USD keeps falling

Posted: 13 May 2010 02:30 AM PDT

We have to move to really big pictures to take a look at euro at current levels; I have posted the weekly chart these days, showing you the break of the trend line, the pullback to 1.3100, and the strong retreat from that level, suggesting further downside to come; at current 1.2580 area, pair is long term talking, pointing to 3 important levels: first one is 1.2515, past week low; under that, we habe an important bottom at 1.2456 from March 2009, from where the pair bounced strongly to the upside; final one is the 1.2330 low from October 2008. At this point, i don’t expect a strong upside bounce from the first two ones; I really see the pair heading to that 1.2330, thus keep in mind, nothing goes straight in market, and we have corrections in the middle; we could not sell short term with that target in mind; we need to wait for pullbacks, and find the best entry point with the lowest risk possible.

For today and moving to smaller time frames, pair has still room to go, to oversold conditions in 1 or 4 hours charts, with immediate support at 1.2560, followed by mentioned 1.2515; I suspect a lot of stop losses gathered under that level, so if tested, sell off could extend targeting the very close 1.2456 midterm support. Corrections will find resistances at 1.2620, 1.2660, and 1.2710 area.

 

Majors’ sentiment for today

Posted: 13 May 2010 02:15 AM PDT

Majors’ sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Slightly Bullish

Eur/Gbp: Neutral

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Starting the day

Posted: 13 May 2010 02:10 AM PDT

Hi everyone, and welcome back! I woke up with the sell off, just to see my bearish pound posted past Asian session approaching to it’s target. UK trade balance deficit has come in at -7.5B, worse than past month reading of -6.3B and above forecasts. European stocks opened strongly but quickly fall and at this moment are barely above opening levels. Pound is now around 1.4760, could settle down a bit after next movement; poor Euro lost 1.2600 and heads towards 1.2550, and 1.2515 then; while EUR/CHF and EUR/AUD are hitting again historical lows. Watch those two before deciding either or not euro has reached a bottom (really, bottom?). Anyway! let’s go for the technical points for today, while you  check today’s calendar:

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

Have a great day!
Posted by at 6:31 PM

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