Intraday Market Thoughts

Archived IMT (2010.10.15)

by Ashraf Laidi
Oct 15, 2010 9:52

GBPCAD Daily chart extending rebound after the validation of BULLISH HAMMER and positive stochastics, calling for a prelim target of 1.62 & 1.6300. Whike I continue to remain medium term bearish in USDCAD, this long GBPCAD allows for USDCAD rebound towards 1.0150s but NOT beyond 1.02. And so, with USDCAD around 1.0150-70s & cable near 1.6050s, you can capitalize on this cross. You will recall that my previous HotChart of last month called for GBPCAD breaking below 1.59. Once we hit 1.5840s yesterday, I called for turning bullish at 1.5980s. Now looking for 1.62 & 1.6280s.


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