The Advisor Weblog

Indian Rupee and Singapore Dollar
Best pair to trade now: EUR/USD
Majors’ sentiment for today
Starting the day

Posted: 08 Nov 2010 01:45 PM PST

It’s all about euro weakness now, as the common currency continues pressured by bond differentials and budget adjustments; market attention has turned back to peripheral countries, particularly on Ireland insolvency, and the mortgage defaults expected to come.

EUR/SGD fell below October monthly low, reaching 1.7853 before bouncing back to current 1.7900 price zone. 4 hours chart shows the pair exhausted to the upside, suggesting at least some consolidation if not a bullish limited correction to the upside, before a new leg lower; above 1.7920 immediate resistance area, 1.7980 comes next, 23.6% retracement of last bullish daily run. Below mentioned 1.7850 area, immediate support, downside rally could extend towards 1.7780 before finding some support.

EUR/INR also lost ground after reaching past week the 63.00 price zone. Currently around 61.60, pair looks also exhausted to the downside, while 20 SMA is gaining bearish tone above current price, suggesting further falls to be seen. Below 61.30 immediate support, rally could extend towards 60.90, and 60.55 in the upcoming hours, while resistances from current price, all located at 61.80, 62.10 and the 62.40 price zone.

Best pair to trade now: EUR/USD

Posted: 08 Nov 2010 04:13 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-11-08.v02.html

Majors’ sentiment for today

Posted: 08 Nov 2010 04:08 AM PST

Here is majors’ sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Neutral

Usd/Chf: Slightly Bullish

Usd/Jpy: Slightly Bearish

Eur/Gbp: Bearish

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Starting the day

Posted: 08 Nov 2010 04:05 AM PST

Hi everyone and welcome to this blog! A new week starts with market mixed, and currencies moving on own strength rather than just focusing on dollar’s weakness. Euro is testing the 1.3890 strong support, having lost over 200 pips today, as sovereign debt woes, bonds spread differentials and budget adjustment are hitting several euro zone economies. While EUR, USD and JPY seem to be the weaker, AUD, CAD and CHF remain among the stronger. We will need to be looking for opportunities there this week.

Still not much to add to this opening, as market seems to be waiting for US opening now, to define next move. Here is the link for todays' calendar:

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

Have a great day!