Intraday Market Thoughts

Archived IMT (2010.07.28)

by Ashraf Laidi
Jul 28, 2010 14:48

INSTEAD OF ONLY FOCUSING ON THE USUAL JPY and USD pairs, consider the ensuing moves in EURAUD, GBPAUD and GBPUSD. EURAUD on course for taking out 1.4570s, eyeing preliminary upside at 1.4670s, before key resistance at 1.4940-50. GBPAUD attempts to break above the 1.7390 trend line resistance (extending from July 6 high), a break of which to extend recovery towards 1.75 and 1.7670. USDCAD still showing no convincing signs of a break out of the 1.0250-1.0350s. Best to play CAD weakness against JPY than against USD, hence CADJPY vulnerable to 84. EURGBP increasingly vulnerable to 0.830, before subsequent target at 0.8260s.


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