Wednesday, June 23, 2010

The Advisor Weblog

The Advisor Weblog

Hosing report worse than expected

Posted: 23 Jun 2010 07:04 AM PDT

Housing report come out at 300K, falling from 504K previous month and under 424K expected, really a terrible reading, that tirggered furhtrer risk aversion, stocks are strongly down and dollar is running higher across the board. get ready for much more to come.

 

Stocks slump, dollar higher

Posted: 23 Jun 2010 06:48 AM PDT

While I was preparing the hourly perspective for US session, Wall Street slump push dollar higher trough several resistnce/support levels. Don’t get over exited, we have a housing report in 15 minutes.. if the reading is bad as yesterday’s one, dollar then could extend the rally, but some corrections now could be triggered before another run.

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-06-23.v02.html

 

USD/JPY giving signs of life

Posted: 23 Jun 2010 05:34 AM PDT

USD/JPY is moving! and testing 90.00 psychological level. With no strength and no volume, pair is anyway holding a bearish tone, after breaking under 100 and 200 DMA this last around 90.90 key resistance level for the pair.

Inside a 4 hours descendant channel, pair is consolidating quite close to the base, around 90.00, with no much aims of a bullish rebound yet. Under 90.00 downside rally could extend first to 89.60/70 area, and then close to 89.20 which I expect to be today’s low if reached. Above 90.40, pair could start some bullish corrective movement, thus limited by the 90.80/90 area, also roof of mentioned channel.

 

Best pair to trade now: GBP/USD

Posted: 23 Jun 2010 04:43 AM PDT

Majors’ sentiment for today

Posted: 23 Jun 2010 04:22 AM PDT

Majors’ sentiment for today:

Eur/Usd: Slightly Bearish

Gbp/Usd: Bullish

Usd/Chf: Neutral

Usd/Jpy: Bearish

Eur/Gbp: Bearish

Eur/Jpy: Bearish

Gbp/Jpy: Bullish

Starting the day

Posted: 23 Jun 2010 04:20 AM PDT

Hi everyone and welcome back! Another day in paradise, and as we discuss yesterday in the daily Wrap up Webinar, selling dollar is a good idea when comes to Pound yet not when it comes to Euro; while the common currency is still under 1.2300, barely 20 pips above yesterday’s American session close, Pound is breaking higher, testing weekly high and aiming for the 1.50/52 area we have been discussing for the past couple of weeks. Japanese yen is also quite strong, heading higher against dollar and euro, aiming for a break lower in those crosses, that could trigger quite interesting rallies.

Anyway and regarding Euro, yesterday I was much more bearish in the currency than today; the fact that we hold in several crosses above some strong support areas, should be telling us there is a chance of a recovery there, yet I can’t see too much confirmations at this time of the day. We have FOMC statement today, and so, US rates expected unchanged, thus market attention will be focused  in growing readings, employment situation, and if the FED will keel the “extremely low, for and extended period” stance. Here is the link for today’s calendar:

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

Have a great day!
Posted by at 5:14 PM

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