The Advisor Weblog

Hourly perspective for US session
Best pair to trade now: EUR/USD
Majors’ sentiment for today
Starting the day

Hourly perspective for US session

Posted: 07 Jun 2010 06:17 AM PDT

Here is the hourly perspective updated for US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-06-07.v02.html

Best pair to trade now: EUR/USD

Posted: 07 Jun 2010 03:42 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-06-07.v02.html

Majors’ sentiment for today

Posted: 07 Jun 2010 02:58 AM PDT

Majors’ sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Slightly Bullish

Usd/Chf: Bearish

Usd/Jpy: Slightly Bullish

Eur/Gbp: Bullish

Eur/Jpy: Bullish

Gbp/Jpy: Bullish

Starting the day

Posted: 07 Jun 2010 02:52 AM PDT

Hi everyone, and welcome back. Market pickup where it left past Friday close, with dollar and yen extending the rally against major rivals on risk aversion and stocks slumps: Asian share markets closed quite red, thus Europe seems to be regaining some strengthat this moment, “helping” dollar downside corrections, with Euro still under 1.2000. Considering the fact that Euro has been losing more than a 20% against dollar since last year, with 2.5% just last week, one wonders where is the bottom to this rally, moreover, as the American currency is not exactly strong at this time. Past Asian weekly live coverage, I comment pair has a strong support area, with weekly and monthly lows around 1.1860/70, and that’s at least for now, today intraday low, from where EUR/USD is picking up to 1.1975 daily high. However, lower targets in the pair arestill exposed: the problems that started in Greece continue spreading and now is Hungary figthing budget pressures, and facing default; Spain banking system is shaking, and Portugal is doing it’s best to try to convince markets that they remain solid; anyway, as comment several times in here, I do believe the euro zone is heading a long, painful recovery, despite technical readings of extreme oversold conditions in almost any euro cross.

Pound is paying the price for it’s neighbour, and is back under 1.4520 key resistance zone, thus holding the slump with a bit more dignity: this week, the UK coalition will announce the spending review framework, and the outlook seems dark at this moment: Cameron said that the deficit problem is even worse than they think, so no much hopes there either.

No much first line fundamental data schedule for today, yet anyway, here is the link for today’s calendar:

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

Have a great day!