The Advisor Weblog

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

Hourly perspective for US session

Posted: 06 Oct 2010 06:22 AM PDT

Here is the hourly perspective for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-10-06.v03.html

US ADP report

Posted: 06 Oct 2010 05:19 AM PDT

US ADP private survey shows the US economy loss 39,000 jobs positions in September, from previous month reading of -10K. The very bad reading triggered a dollar bearish spike, with USD/CHF reaching a fresh all time low at 0.9620 and USD/JPY breaking under 83.00 reaching 82.73. EUR/USD lies just a couple of pips away from daily high. Above it, 1.3920/30 is next.

Best pair to trade now: GBP/USD

Posted: 06 Oct 2010 04:22 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-10-06.html

Majors’ sentiment for today

Posted: 06 Oct 2010 03:59 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Slightly Bearish

Usd/Chf: Neutral

Usd/Jpy: Bearish

Eur/Gbp: Neutral

Eur/Jpy: Neutral

Gbp/Jpy: Slightly Bearish

Starting the day

Posted: 06 Oct 2010 03:29 AM PDT

Hi everyone and welcome back! Again, after some consolidation in Asia, dollar resumes its bearish trend with European opening. Greenback fallingtrend continues to be supported by Asian economies that sell their local currencies to avoid further strength (like Korea, Singapore, Thailand), and rising stocks across the world. If there is some or non logical behind this movement, that’s not even worth to mention; at this point saying that dollar keeps falling due fears of further QE in the US, seems a bit of a poor excuse. The global slowdown is more a reasonable cause, that’s pushing gold to fresh all time highs day after day, while several economies fight to avoid the slump, with monetary policies that at the end, harm dollar.

USD/JPY is at 83.00, while EUR/USD reached the 1.3880 area mentioned yesterday just a few minutes ago; AUD/USD broke above 0.9750 previous 2 year high, while USD/CAD approached to 1.0100; Pound remains static as we have BOE tomorrow, and market suspects further QE in the UK to be announce.

Dollar is spiking higher now, as a rating agency has just announced it’s placing on review to downgrade several Irish banks, but that’s not enough to change the trend right now. Some corrections could be seen in the upcoming hours due to fresh highs reached, and some more later, as investors start adjusting positions ahead of the 2 last days of the week that will bring 2 more Central Banks and US NFP.

Here is the link for today's calendar:

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

Have a great day!