The Advisor Weblog |
- Indian Rupee and Singapore Dollar
- Majors’ perspective for US session
- US data disappoints
- Best pair to trade now: AUD/USD
- EUR/USD 1.3285 fresh low
- Majors’ sentiment for today
- Starting the day
| Indian Rupee and Singapore Dollar Posted: 24 Nov 2010 01:40 PM PST New York session closed with markets thin after a strong volatile day that left markets with a more clear picture at least for the common currency: Euro is bearish after ending the day down against its major rivals, despite Wall Street closed near daily highs after gaining strongly since early morning; US data was pretty disappointing and in fact, no correlations were clear today among stocks, fundamentals and currencies, except for AUD and CAD that gained strongly following US indexes. EUR/INR strong slide sees the pair ending the day below the 61.8% retracement of the last bullish daily run from 1.6940 to 1.8300 around 1.7458, immediate resistance for the cross. Despite oversold, bias remains bearish yet corrective movements could extend towars 1.7530 area without harming the trend. Lose of daily low around 1.7415, should signal a bearish continuation rally that will find supports at 1.7350 and the 1.7300 price zone. EUR/SGD bearish momentum seems more strong right now, with the cross barely above 1.7620, capped below a flat 20 SMA in the 4 hours chart: momentum is slightly lower, still above it’s midline, while Monday low comes around mentioned 1.7620; lose of this last, should favor a bearish continuation rally towards 1.7565 first, and 1.5730 later, past week low. To the upside, pair needs at least to accelerate above 1.7670/80 price zone, to recover previous bullish momentum, and extend towards 1.7710 and 1.7780 Fibonacci resistance zone.
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| Majors’ perspective for US session Posted: 24 Nov 2010 06:54 AM PST Here is the hourly perspective updated for the US session:
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| Posted: 24 Nov 2010 05:39 AM PST US data is quite disappointing as Durable Orders fell to -3.3% while the core number was also below expectations at -2.7%. Unemployment claims fell to 407K while Core PCE come at 0.0%. Stocks spike higher, then lower, and now, Wall Street rises strongly, supporting some dollar falls. Still give the market 15 minutes to diggest the news.
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| Best pair to trade now: AUD/USD Posted: 24 Nov 2010 02:20 AM PST Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-11-24.v02.html
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| Posted: 24 Nov 2010 01:43 AM PST As comment just now in the opening, market is not willing to pay attention to fundamental data: German IFO survey show a general improvement as the 3 readings come out better than expected; still EUR/USD fell to 1.3285, as stocks slide to fresh daily lows. UK data was slightly disappointing as Prelim Business Investment come out negative. EUR/USD bounced from mentioned low to 1.3325, yet remains below that level; break below daily low, should signal a test of a daily ascendant trend line coming from 1.1875, this year low, currently around 1.3210. Despite oversold, bearish momentum remains intact and if stocks resume their bearish trend, Euro will be the first to follow. Resistances today are at 1.3330, 1.3360 and 1.3410.
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| Posted: 24 Nov 2010 01:09 AM PST Majors’ sentiment for today: Eur/Usd: Bearish Gbp/Usd: Bearish Usd/Chf: Slightly Bullish Usd/Jpy: Bearish Eur/Gbp: Bearish Eur/Jpy: Bearish Gbp/Jpy: Bearish
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| Posted: 24 Nov 2010 01:06 AM PST Hi everyone, and welcome back! As expected, Asian session saw some consolidation and even some corrective movements against greenback, with majors mostly in consolidation mode. Early Europe however, risk aversion is back in strength, sending Euro to fresh lows around 1.3340 against greenback: not only euro zone peripheral economies woes are weighting on the market, with Portuguese and Irish bond yields widening against German ones, yet also North and South Korea that decided is a good moment to start a war. We know we are talking just about money there: North Korea, usually attacks S. Korea, to force the US to sit in the dealing table (as the US protects S.K). Risk aversion is set to extend today, so USD, JPY and CHF will tend to go higher due to their safe haven condition, as well as gold. Stocks are sinking in Europe, as well as US futures, in a day full of fundamental news: I do really believe that little or non attention will be payed to reports, but anyway, here is the link for today’s calendar: http://www.fxstreet.com/fundamental/economic-calendar/ Have a great day!
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