Intraday Market Thoughts

Archived IMT (2010.08.03)

by Ashraf Laidi
Aug 3, 2010 11:03

EURUSD EXTENDS rally across the board after closing above the important $1.3130 resistance yesterday. Despite a modest pullback in equities; risk currencies extend gains versus USD. EURUSD eyes 1.3270, previous support from mid March to early April. USDCAD struggling to recovery above 1.0270 but seems supported at 1.0190 for now. USDCAD shorts consider shorts in USDCAD as an alternative to shorting USDJPY, especially as 85 CADJPY and 1.03 USCAD prove tough resistance levels. SOARING WHEAT prices due to hot weather in Russia are also helping to support Aussie and Loonie, but yesterdays softer thane expected Aussie sales figures add to my bullish stance on the already rallying GBPAUD and EURAUD.


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