Intraday Market Thoughts

Archived IMT (2010.08.02)

by Ashraf Laidi
Aug 2, 2010 18:11

AUSSIE CROSSES AHEAD & AFTER RBA: The upcoming RBA decision (12:30 am EDT, 4:30 am GMT, 5:30 BST) is widely expected to keep rates unchanged, but the impact on the already rallying AUDUSD remains doubtful given the break above the all-important 0.9070 resistance. Although a rate hold is widely priced in the market, I see room for AUD downside against the rallying EUR and GBP, both of which have been boosted by robust figures on Monday. GBPAUD makes a CLEAR BREAK ABOVE the 1.4 trend line resistance (from Jul 6 high), which was first addressed in last weeks HOTCHART This is inline with a bullish call in EURAUD, which not only remained supported above 1.43 double bottom, but is now propped to recpature1.4550s, especially if the RBA addresses softening inflation in its policy statement.


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