The Advisor Weblog

Gold falls, triggers a dollar rally
Live coverage
Best pair to trade now: EUR/USD
Gold and Oil
Majors’ sentiment for today
Starting the day

Posted: 30 Sep 2010 07:03 AM PDT

Better than expected data in the US sent gold strongly down in the past hour, favoring a dollar spike across the board. Pound is losing bigger testing 1.5730 support zone, still market is not ready to start buying greenbacks; don’t panic. Not yet.

Here is the hourly perspective updated for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-09-30.v02.html

Live coverage

Posted: 30 Sep 2010 04:55 AM PDT

In about 20 minutes or so, I will start a Live coverage, of USD GDP q/q release. You can join me at Fxstreet.com home page.

See you there

Best pair to trade now: EUR/USD

Posted: 30 Sep 2010 04:03 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-09-30.v02.html

Gold and Oil

Posted: 30 Sep 2010 03:31 AM PDT

Gold reached a fresh , all time high, another yes, at $ 1315/oz, while oil is around $ 78.50 a barrel, 7 weeks high. That of course is helping smash the dollar across the board.

As gold continues rising, is not Australian dollar the most benefit, but Swiss Franc: USD/CHF approached to 0.9700, with it’s all time low around 0.9640. Keep an eye on Swissy today.

Majors’ sentiment for today

Posted: 30 Sep 2010 03:18 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bullish

Usd/Chf: Bearish

Usd/Jpy: Bearish

Eur/Gbp: Slightly Bullish

Eur/Jpy: Slightly Bearish

Gbp/Jpy: Neutral

Starting the day

Posted: 30 Sep 2010 03:15 AM PDT

Hi everyone and welcome back! Almost boring to repeat dollar continues to be under pressure right? Despite the extreme readings, and the rallies with almost no corrections, nothing says from a technical point of view, that dollar will attempt at least a correction; Euro has run over 1000 pips straight, as well as Aussie; USD/JPY accumulates 10 days in a row to the downside erasing all intervention gains, while USD/CHF is just 100 pips away from its all time low. Again, not denying dollar weakness, just stating this is not too rational. Still, and I quote a great analyst from Australia, Mr Sean Lee, ” the market can remain irrational for much longer that you can remain solvent so if you don’t understand it, don’t fight it”.I wish sometimes my english was good enough to say those things by myself

Anyway! is the best advice for these days; today is the last trading day of the month, and the close of the first half of the fiscal year in Japan. We usually see some profit taking and counter trend rallies, yet at this point, seems a bit too deary to recommend as an intraday trading strategy, right? Honestly, I will probably stay away of the market today. I will update my technical perspective as usual, but seems I will keep my fingers quite still today. I don’t understand market today, and I will take my own ( or better said, Sean’s) advice.

Here is the link for today's calendar:

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

Have a great day!