The Advisor Weblog |
- Indian Rupee, Singapure Dollar and Hong Kong Dollar
- Beware of gold!
- EUR/USD gives up 1.3000
- Best pair to trade now: USD/CHF
- Majors’ sentiment for today
- Starting the day
Indian Rupee, Singapure Dollar and Hong Kong Dollar Posted: 30 Nov 2010 01:40 PM PST Tuesday again saw market trading on contagion fears in the euro zone; bond spread yields between Germany and Ireland reached yet again record highs, while rumors about S&P going to review France ratting and actually put Portugal on credit watch negative, have kept the common currency under pressure since early Europe. Dollar continues gaining due to its safe haven status, although fundamental data in the US continues improving: both Chicago PMI and CB Consumer Confidence beat expectations coming at 63.5 and 54.1. Finally stocks ended the day pretty negative, both in Europe and America, yet off daily lows. EUR/INR extended its slide to a fresh 2 months low at 59.30 price zone, where the cross is actually closing the day. Strongly bearish in daily charts, 4 hours indicators show the pair reaching extreme oversold conditions, yet with no signs of reversing; momentum continues heading south while 20 SMA above current price holds a strong bearish slope. Below 59.30 mentioned daily low, pair will find supports around 59.00 and 58.30, past September 10th strong daily low. Immediate resistance comes around 69.80 static price zone, and above corrections could extend towards 60.20, where the 20 SMA lies. Above this last, not seen at this point, rally could extend towards 60.40/60 price zone. USD/HKD extended gains to 7.7690 yet closing the day below key 7.7659 October high. 4 hours chart shows momentum heading south quite vertical, approaching to the 100 level yet 20 SMA lies around 7.7640 holding a strong slope while 38.2% retracement of daily rise from 7.7524 to 7.7690 is located around 7.7630, so only below this last, the bearish movement could get stronger, with next supports at 7.7600 (50% retracement of the same rally) and 7.7565. Above 7.7660, resistances come at 7.7690 and 7.7730. EUR/SGD strong bearish momentum pushed the cross to 1.7105, quoting right now barely above that level. As almost all euro crosses, the bearish momentum remains intact in 4 hours chart, despite the extreme oversold reading RSI shows; below daily low, immediate supports come at 1.7050/60 price zone, followed by 1.7010 while corrections could take place only above 1.7150, towards the 1.7220 price zone. |
Posted: 30 Nov 2010 05:38 AM PST |
Posted: 30 Nov 2010 05:34 AM PST While Stocks continue to slump and US futures sink to fresh monthtly lows, EUR/USD is breaching the 1.3000 level; Canadian GDP come out negative and below expectations, favoring furhter dollar gains across the board, and EUR/USD now quotes around 1.2970; lose of 1.2955, should trigger a bearish continuation rally towards the 1.2920 strong static support zone. |
Best pair to trade now: USD/CHF Posted: 30 Nov 2010 05:04 AM PST Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010/11/30/02/ |
Posted: 30 Nov 2010 04:58 AM PST |
Posted: 30 Nov 2010 04:55 AM PST Hi everyone and welcome to this blog! Starting the day late, as I do have an early webinar, and the flu is refusing to leave me since past Wednesday, one full week sleepy mood…oh well! Anyway enjoying my job, i was not made to stay in bed sick . Market continues to be ruled by risk aversion and dollar gains, particularly against Euro and Aussie, as we have seen these past few days. EUR/USD below daily low main target continues to be 1.2920 price zone, while AUD is quite close to a short term double floor around 0.9565; lose of this last should signal further falls there. Pound continues range bound and delayed compared to the others; below 1.5510, should turn more interesting. Anyway, quick start! here is the link for today’s calendar, as we have a good bunch of news in the upcoming 2 hours: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day! |
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