Monday, January 3, 2011

The Advisor Weblog

The Advisor Weblog

Starting the year

Posted: 03 Jan 2011 03:28 PM PST

Year started as past one ended, with dollar weak, stocks higher, gold near record highs and thin volume due to holidays; several banks’ holiday across the world has left little or non volume both in Asia and Europe, that will start returning today; dollar has been underpinned most of the day, with CAD breaking below past 2010 yearly low, and reaching 0.9885 before bouncing slightly higher, while Swiss Franc remained near its’ all time high at 0.9300 against greenback, set past Friday.

Euro managed to post some timid gains against greenback, closing around past Friday’s New York close the 1.3600 area, recovering some ground also against other rivals.

USD/INR fell to 44.32 past Friday’s low and bounce slightly higher, currently around 44.42 price zone. 4 hours chart shows bearish momentum persist, with 20 SMA bearish above current price and momentum heading south, below the 100 level. Below 44.30 immediate support, pair could extend its slide towards 44.00 and even lower, to the 43.70 area, past November monthly low. Resistances, for the upcoming hours, lie at 44.65, 44.90 and 54.15.

USD/HDK has extended past Friday slump to test the 61.8% retracement of the daily bullish rally from 7.7596 to 7.7812, 3-month high set past Friday, barely below current price at 7.7690. While daily chart shows a strong bearish tone, 4 hours indicators are slightly exhausted to the downside, suggesting some bullish corrective movement; in that case, pair will find resistances at 7.7720, 50% retracement of the same rally, and 7.7750, 38.2% Fibonacci. Supports, below 7.7680 daily low, come at 7.7635 and the 7.7580/7.7600 price zone.
Posted by at 6:11 PM

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