Intraday Market Thoughts

Archived IMT (2010.08.13)

by Ashraf Laidi
Aug 13, 2010 10:49

DUBIOUS BOUNCE IN SENTIMENT following strong Q2 GDP figures in Eurozone (1.7% q/q) and Germany (2.2%) has weighed on USD and JPY but both currencies are now off their lows as markets remain cautious ahead of US Jul retail sales and consumer sentiment. S&P500 yesterday closed below its 55-day MA after closing below its 100 and 200 MAs on Wed & Tues respectively. EURUSD faces resistance at $1.2930s, while GBPUSD and GBPJPY remain well in their downtrend, facing and $1.5560 and 133.20s. USDJPY 3-hr shows a consistent resistance at 86.30, now eyeing 85.20s. FTSE-100 lost 70 pts from earlier gains. Dow-30 futures +17 pts.


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