The Advisor Weblog

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Entering Asian session Posted: 28 Dec 2010 03:26 PM PST Sorry for the lack of post people, I have been pretty busy getting ready for what I do expect to be a great year for all of us! If anything, Tuesday has been yet another proof of lack of strength in both major European currencies, Euro and Pound. Despite market is lately showing no interest in selling euro bellow the 1.3100 mark against greenback, with the cross hanging above the 1.3080 price zone, 50% retracement of the 1.1870/1.4280 rally. Wide intraday ranges with no much of a trend definition persist over this last week of December, with USD/SGD quoting around 1.2990 after reaching a fresh 5-week low around 1.2939 past European session. Bullish movement from such low has found resistance at current level, where the 20 SMA still bearish in the 4 hours charts is keeping the pair limited; momentum has also reached the 100 area, yet refuses to trigger a clean break above the level, as the pair needs at least to confirm above 1.3010, past day’s high, to extend the upside; in that case, resistances lie at 1.3060, and the 1.3100 price zone. Below 1.2960, pair would likely resume its bearish trend, finding support at 1.2955, 1.2930 area and finally 1.2880 price zone.

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