Intraday Market Thoughts

Archived IMT (2010.07.27)

by Ashraf Laidi
Jul 27, 2010 15:34

US Consumer confidence fell 4 pts in July, but remains above 50, which may sustain major equity indices above their 200-day MAs. GBPUSD touches its 200-day MA for the 1st time since January, with momentum remaining positive for a retest of $1.5580 and $1.5620. EURUSD 4-hr run the risk of calling up $1.2910 but watch out from the usual London-close volatility for a retest of $1.3070s. USDCAD shows a sharp rebound on the hourlies but beware of from failed rebounds at 1.0350s, a level proving to be a former support now a possible resistance. Oil has yet to break above $80.00 and US equity indices must close the week above their 200-DAY MAs. EURJPY finally breaks above the 113.40 resistance, eyeing next barrier at 113.90s. Weekly formation suggests further gains ahead towards 115.50.


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