The Advisor Weblog |
| Indian Rupee and Singapore Dollar Posted: 25 Nov 2010 02:43 PM PST Despite just the US had an official holiday, Thursday seemed to be an international one, as majors traded in tight range and directionless most of the day. With no fundamental news, Euro was slightly higher and dollar slightly down across the board, leaving no much of a clue of what’s next. However, I still see Euro down: while Germany’s Axel Weber ensures that Europe is ready to do almost anything to preserve the euro, the fact is that some eyes turned to Belgium today, as next stone in euro zone shoe. In the mid time, some news agencies reported Spain foreclosures may triple for 2011, while Italian government is already making statements about their economic situation not being so bad as Irish one. EUR/INR reached the daily ascendant trend line coming from June low at 60.45 yet managed to bounce higher to end the day positive around 60.74. Daily chart show the pair printed a lower low along with a lower high, supporting the bearish continuation; trend line however is key to confirm the continuation, today around 61.50 and immediate support for the pair. Lose of this last should signal a continuation rally towards 60.05, past November 12 low, followed later by the 59.60 price zone. Resistances now, lie at 61.05, 20 SMA in the 4 hours chart, followed then by 61.35 and 61.70. EUR/SGD also extended its slide finding resistance as expected around 1.7460, 61.8% retracement of last bullish daily rally broken down past Wednesday. Quoting around 1.7420, bias remains bearish as long as below mentioned resistance, with immediate supports at 1.7370, 1.7330/40 price zone, and 1.7280; resistances above 1.7460 lie at 1.7500, and 1.7530 strong static area, that should be the latest high possible to keep bullish trend alive. USD/SGD closed the day almost unchanged around 1.3050, after spiking above 1.3100 past Asian session. Bearish according to 4 hours chart, as momentum cross upside down the 100 line while current candle opened and remains below 20 SMA, lose of 1.3045 daily low should signal further downside pressure in the cross, towards 1.3000 first and 1.2960/70 area later. Latest support for the upcoming 24 hours lies around 1.2922. Pair could erase current bearish tone only with a strong acceleration above 1.3070, mentioned 20 SMA, with next resistances at 1.3120/30 and the 1.3150 high reached earlier this week.
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| Best pair to trade now: USD/CHF Posted: 25 Nov 2010 03:17 AM PST Here is my first choice for today: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-11-25.html
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| Posted: 25 Nov 2010 03:15 AM PST Hi everyone and welcome back! Happy Thanksgiving to all. Despite the US holiday and the thin volume we have in this European morning, dollar is heading higher across the board, with GBP/USD setting a fresh weekly low at 1.5738, USD/CHF threatening parity, and EUR/USD aiming to break below 1.3300. Lack of macro data and with Wall Street closed, will likely keep market choppy yet don’t forget, lack of liquidity could trigger some strong volatile movements. Will start taking a look at technicals, have a breat day!
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