The Advisor Weblog

Is just.. December! (EUR/INR USD/SGD)
Hourly perspective for US session
Best pair to trade now: EUR/USD
Starting the day

Posted: 07 Dec 2010 12:43 PM PST

Sometimes, just sometimes I forget what December is like; but market is there to always remind us; choppy movements, lack of volume, overall, NO TREND. Don’t expect pairs to define a trend in the upcoming days and I would dare to say, not until at least, 2nd week of January.

Euro and Dollar are fighting the battle of the less weak, and they are both weak enough to call it table; dollar has been under pressure most of past Asian and European sessions, only to recover the lost ground in American one, supported by strongly higher US yields ( that of course weighted strongly on JPY).

EUR/INR tested again past week low around 59.05, aiming to close the day barely above the level, around 59.30, and holding a bearish tone according to 4 hours chart: 20 SMA is capping the upside, while momentum and RSI are heading south below their midlines, with no signs of exhaustion or change; below mentioned support, bearish continuation is seen reaching 58.60, and 58.20 immediate supports. First resistance now comes at 59.65, mentioned 20 SMA, ahead of 60.00 psychological level.

USD/SGD posted also a strong come back today, closing the day around 1.3100 area, with 4 hours chart showing a strong bullish momentum: above 1.3110, rally could extend towards 1.3160 first, and 1.3200/20 area, past week high. Pullbacks could find support around 1.3060 first, and 1.3035 later; last support is seen at 1.3000 and falls below the level seem pretty unlikely for current Asian session.

Hourly perspective for US session

Posted: 07 Dec 2010 06:45 AM PST

Here is the hourly perspective for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010/12/07/02/

Best pair to trade now: EUR/USD

Posted: 07 Dec 2010 04:26 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010/12/07/02/

Starting the day

Posted: 07 Dec 2010 04:25 AM PST

Hi everyone, and welcome back to this blog! Confidence is back among investors, and dollar down across the board, as US futures reach fresh yearly highs and gold a fresh record high at $ 1428.65/oz. Despite European currencies are running higher, we are still below past Friday’s highs, although Australian dollar, and Canadian dollar are higher against greenback, following market sentiment.

Confidence was triggered by European Union finance ministers Tuesday after they approved a E85 billion financial assistance deal for Ireland at their meeting, and announce no further measures will be taken to avoid contagion. Anyway, volume is quite low, and movements are slowmo, as expected ahead of holidays.

Here is the link for today's calendar:

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

Have a great day!