Here are the levels to watch today. No use for much technical analysis today, payrolls are too noisy for that!

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-11-06.html

Here is my choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2009-11-06.html

Enjoy!

Hi again! after the longgggg live coverage, here is the hourly perspective for majors. Enjoy!

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-11-05.html

If we place a Fibo in the last daily downleg, from 1.5062 to the 1.4625 lows, yesterday’s spike reached the 61.8% retracement. Now pair is hovering around the 50%, with indicators pointing to the downside, yet price moving above every MA. A clear acceleration under 1.4800/10, could send the pair to the 1.4770 area, followed by 1.4740. To the upside, I would like to see a 4 hours candle opening above 1.4860 to confirm more bullish bias, with 1.4890, 1.4925 and the 1.4970 area as next resistances to consider.

If something is halting further dollar gains, no doubts is gold. Having reached a few minutes ago the 1069 level, barely a couple of bucks under the historical high reached past October, the commodity keeps pushing higher. Keep an eye on it, a break higher could trigger interesting movements in currencies, starting with Aud.

Here is majors update for the next session, with charts and levels:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/

Here is my choice for today: enjoy!

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2009-11-03.html

Early to say, a warning in forex trading is always welcome and needed. Despite the strong movements we are seeing in market, we should not forget we have FOMC, ECB and BOE decision next Wednesday and Thursday ( i will be covering all live! at Fxstreet.com home page), and U.S. Non Farm Payrolls next Friday. Long term definitions will be confirmed (or not) by the end of the week.

Well, EUR/USD reached the expected 1.4640 level, and is still close to it, printing lower lows, suggesting rally is not still over, despite the pair is getting extremely oversold in smaller time frames. Pair needs to made an upside corrective movement before next down leg, yet if breaks under 1.4610, downside movement could extend to next key strong support of 1.4550 area before starting a correction. in between, 1.4580 will also offer some support to the pair, and final zone to consider today will be around 1.4500/10. Resistances from current level, are located at 1.4660, 1.4700 and 1.4740 zone.

Well, I did not been able to finish AUD previous post, while price already break lower (still far from long term confirmations but well there we are) and both Euro and Swissy break previous key highs. a quick post: watch next support in Euro at 1.4640, if we break there we could see hell breaking lose today (I’m over reacting yes.. sorry   ) next key level for Swissy comes at 1.0320.