The Advisor Weblog

Singapore Dollar
Hourly perspective for US session
Starting the day late!

Posted: 20 Oct 2010 01:16 PM PDT

I will start posting technical analysis for some Asian currencies around this time on daily basis, as I do believe we can get some good trading oportunities in these ones during Asian session. I will start today with Singapore Dollar, against Dollar and Euro.

Singapore dollar resumed its bullish trend against greenback, after approaching past Tuesday, to the 38.2% retracement (around 1.3165) of the last daily fall from 1.3627 to 1.2880, all time low for the cross, posted past October 14th. Quoting barely above 1.3000, pair has broke below 20 SMA in the 4 hours chart, and remains trading below it ahead of Asian opening, while momentum is crossing upside down the 100 level, supporting further falls; however, hourly chart shows some signs of exhaustion to the downside after a second day in a row of extreme volatility. Bullish corrective movements should remain capped below 1.3050 immediate resistance to keep the bearish bias alive. Supports for upcoming session come at 1.2990, 1.2965 and 1.2930 price zone, while resistances are located at 1.3025, 1.3050 and the 1.3080 price zone.
Against Euro, SGD seems to have entered in a consolidation stage, with EUR/SGD finding strong support today in the 23.6% retracement of the daily run from 1.6939 to 1.1830, exactly at 1.7978; euro strong recovery amid increasing risk appetite, and speculations the US will extend QE in the very short term, had pushed the pair back higher, thus 4 hours charts are not giving strong buying signals right now: momentum has turned back south above its midline despite current candle opened above 20 SMA. Intraday high around 1.8192 should act as immediate resistance for the pair, followed by 1.8240 price zone. Above this last, expect the pair to retest 1.8192 monthly high; on contrary, supports are located at 1.8091, mentioned 20 SMA in the 4 hours chart; once below, pair could find additional support around 1.8034, ahead of mentioned 1.7980 price zone. Lose of this last, could signal stronger bearish movements in the cross, not seen at this point.

Hourly perspective for US session

Posted: 20 Oct 2010 06:28 AM PDT

Here is the hourly perspective for US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-10-20.v02.html

Starting the day late!

Posted: 20 Oct 2010 05:23 AM PDT

Hi everyone and welcome back! Sorry, I pass a terrible night no sleeping, and of course I wake up late!! Markets are quiet at least, stocks ones, with indexesslightly positive, after yesterdays’ slump, while commodities are aiming to recover a small part of the ground lost. Dollar is back under pressure, and majors are recovering quite fast something I was not seeing past Asian session; I would expected a deeper correction favoring greenback, but well, as stated yesterday, dollar gains are meant to be corrective, and we are still far away from a trend change.

EUR/USD is aiming to regain the 1.3860 price zone, with next resistances at 1.3900, and 1.3940 price zone. Lose of 1.3830 should put the pair back under pressure, with supports at 1.3770 and 1.3730.

GBP/USD is holding below 1.5750, 200 EMA in the 4 hours chart. The level is key, as a candle open above should signal some bullish momentum towards 1.5810, while below 1.5690, pair could fall back towards 1.5650/60 zone.

We have some fundamental news right now, so here is the link for today’s calendar, be back with more technicals later:

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

Have a great day!