The Advisor Weblog |
- Indian Rupee and Singapore Dollar
- Hourly perspective for US session
- Best pair to trade now: USD/CHF
- Majors’ sentiment for today
- Starting the day
| Indian Rupee and Singapore Dollar Posted: 09 Nov 2010 01:36 PM PST Euro continues losing ground across the board, favoring also a dollar recovery against other rivals; dollar rise is however being supported also by the backup turn in dollar index, and gold profit taking: the metal lost more than 30 bucks in the last couple of hours, although market just now settle down ahead of Wall Street close. EUR/SGD extended its fall to 1.7720 before bouncing back up slightly due to extreme oversold readings in the 4 hours chart. However the bearish trend remains in place as pair is now capped by 1.7780 Fibonacci resistance area, while momentum is turning back south; lose of 1.7720 area should signal a downside continuation rally with next supports at 1.7660 and the 1.7610/20 price zone. Recoveries above 1.7780, should find next resistances at 1.7820 and 1.7850 area. EUR/INR also resumed its bearish trend, after the cross retreat from daily 20 SMA around 61.70 daily high, setting a lower low and ready to extend the downside; currently just above 61.00, daily chart is giving bearish continuation signals while 4 hours one seems a bit overextended to the downside, supporting current bullish corrective movement, that should remain limited below 61.40 area, to keep the bearish trend alive. Accelerations below 60.80, will find next supports at 60.50 and the 60.10 price zone. Resistances, above 61.40 are at 61.70 and the 62.00 price zone.
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| Hourly perspective for US session Posted: 09 Nov 2010 06:43 AM PST Here is the hourly perspective for the US session:
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| Best pair to trade now: USD/CHF Posted: 09 Nov 2010 04:14 AM PST Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-11-09.v02.html
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| Posted: 09 Nov 2010 04:10 AM PST Here is majors’ sentiment for today:Eur/Usd: Slightly Bullish Gbp/Usd: Bullish Usd/Chf: Bearish Usd/Jpy: Bearish Eur/Gbp: Bullish Eur/Jpy: Bullish Gbp/Jpy: Neutral
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| Posted: 09 Nov 2010 04:08 AM PST Hi everyone and welcome back! My Internet connectionis pretty wild today, so my apologizes for coming in so late. Dollar has come under more pressure, yet as comment on previous updates, euro is still limited to the upside as peripheral debts woes are weighting in market as much as FED QE. The ECB is buying bonds of Greece, Ireland, Portugal, at a pace that overcomes the $ 600B announced by FOMC, so why would we expect a strong euro? as said yesterday, weakest currencies are Euro and Dollar, while stronger ones are CHF, AUD and CAD, favored by commodity prices: gold reached $ 1420/oz, oil barrel is at yearly high, so stronger rallies against dollar should be seen in those crosses. Stocks are also near year highs, increasing risk apppetite environment, and sending dollar even far lower. EUR/USD approaches to 1.3970 price zone, and with current market sentiment, rally could extend towards 1.4000/20 if avove that level, yet I would rather be selling greenback against any other currency than euro. Still don’t see how much strength Pound can gather from all this. Here is the link for today’s calendar: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day!
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