Intraday Market Thoughts

Archived IMT (2010.08.17)

by Ashraf Laidi
Aug 17, 2010 13:26

THE BULLISH HAMMER CANDLE I referred to in yesterdays IMT 3 hrs before the NY close may be materializing in both the S&P500 and the Dow-30. Such a pattern is usually bullish, which means we can see brief run-up into the next 2-3 days, with the 1095 and 10400 objectives in S&P500 and Dow-30 respectively. This would support some buying in EURUSD towards 1.2930s. Softer than expected UK INFLATION data has weighed on GBP all day as the July CORE CPI grew by 2.6% from 3.1%, its slowest pace since Nov 2009. Any further gains from improved risk appetite face pressure at $1.5730s. EURUSD eyes an extensions of gains towards $1.2930s. EURCHF eyes TL resistance at 1.3450s, with subsequent pressure weighing at 1.3570. US Indus production due at 13:15 GMT exp +0.5% from +0.1%, which would be an added boost for equities and EURUSD to chart its $1.2930 route.


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