The Advisor Weblog

Posted: 19 Apr 2011 03:28 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/04/19/02/

Posted: 19 Apr 2011 03:14 AM PDT

Hi everyone and welcome to my blog! Monday broke the rules, as instead of being the choppy, low volume start of the week, we saw a wild ride to safe havens, triggered by a mixture of European and American news: Concerns about Greece will finally be forced to restructure its debt while S&P revised its outlook on the US long term rating to negative, exacerbated risk aversion across the board, sending the dollar and the yen higher against major rivals. Stocks fell to 1 month low while gold approached to $ 1500/oz, and EUR/USD sunk to 1.4155, before finding some support; the pair however, managed to close the day inside the daily ascendant channel and with the European opening, seems to be slowly gaining ground, still heavy.

Despite the sovereign debt woes in the euro zone, let's not forget about rate differentials now, favoring the common currerncy. And with a negative outlook, and despite it's safe haven (almost forgotten) condition, dollar is anything but attractive these days. Besides, Euro is "cheaper" today: if the market remains in good mood, the recovery could be a bit less shy.

Anyway! we have several news to take care of, so here is the link for today's calendar:

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

Have a great trading day!