The Advisor Weblog

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

Hourly perspective updated for the US session

Posted: 02 Aug 2010 06:26 AM PDT

Here is the technical perspective for major crosses ahead of Wall Street opening:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-08-02.v03.html

EUR/USD in the big picture

Posted: 02 Aug 2010 04:17 AM PDT

I have been following this chart past week, looking for Euro to break above 1.3120 area, as we have there, the 38.2% retracement of the last fall from 1.5008 to 1.1870; still pair is unable to do so, and as comment before, despite most of the majors are gaining strongly, euro remains subdue. Indicators are quite bullish aiming to cut their mid lines, downside up, so watch for that area, long term talking and at least a daily close above, to confirm further gains here.

Daily chart show an ascendant trend line, coming from early July, today around 1.2970 area, where we have also several intraday lows. That will be the key support for Euro now, to keep the bullish bias alive. Watch indicators, slightly exhausted to the upside and turning flat, keeping the upside limited for now.

Best pair to trade now: EUR/USD

Posted: 02 Aug 2010 03:29 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-08-02.v02.html

Majors’ sentiment for today

Posted: 02 Aug 2010 02:11 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Bullish

Usd/Chf: Slightly Bearish

Usd/Jpy: Slightly Bullish

Eur/Gbp: Bearish

Eur/Jpy: Slightly Bullish

Gbp/Jpy: Slightly Bullish

Starting the day

Posted: 02 Aug 2010 02:08 AM PDT

Hi everyone, and welcome to this blog! Monday, starts with lots of action across the board, with dollar in really bad shape; as we have been commenting, market attention is mainly focused in the US poor economic outlook; I was taking a look at stocks, strongly higher in Europe, while Wall Street futures are also up: the inverted correlation that ruled market for the past 2 years, also remains intact. We are all happily optimism, and need to dollars; but we need more yens: the Japanese currency despite losing some ground intraday, is trading at 8 months low, and with no signs of reversing the trend.

However, Euro seems unable to follow its partners: the common currency quotes around 1.3060, past Asian session opening level; taking a look at the daily charts, you will see past Friday, Euro was the only one unable to gain ground against greenback, and seems today we are seeing the same: while pound gain over 100 pips, and CAD and AUD a bit less, yet quite positive, our friend the Euro is subdued do to its own problems. If its meant to rise, will be at a slower pace in current market conditions.

Swissy was hit by worse than expected Retail Sales early today and is losing some ground this Monday, but with a weak dollar, movement should not last.

Oil is approaching $ 80.00 a barrel watch that level, as oil rising prices is another factor on dollar weakness.

Will take a better look at charts, while you check today's calendar (we have ISM in the US today):

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

Have a great day!