Archived IMT (2010.07.22)

BERNANKE's "UNUSUALLY UNCERTAIN" label for the US economic outlook was sufficiently uncertain to scare away US and Asian markets but it is important to bear in mind that EURUSD closed the US session at $1.2756, which is ABOVE the trendline support of $1.2745-50 noted in the prior IMT. This means the recent upleg remains intact and $1.2880 is a prelim target for today for a possible $1.3030. $1.3130 is still in focus as was mentioned during the last 2 weeks (and Sundays webinar). EURJPY broke below the 110.60 prelim target of the HotChart, suggesting that any rebound would be lower than the prior range high of 113.30 before renewed downside ensues towards 109.60. AUDUSD eyes 0.8880 resistance (61.8% retracement), which is just above the 100-day MA. A NY below 0.8880-90 would imply a high profile failure of this congestion zone before renewed declines towards 0.8680s. A bullish break to call up 0.8980.