Intraday Market Thoughts

Archived IMT (2010.11.18)

by Ashraf Laidi
Nov 18, 2010 13:19

USD WEAKNESS re-emerges on a combination of rebounding Asian equities and easing off in the USD rally. Euro rebounds off its lows as IMF/EU officials start LOAN DISCUSSIONS in Ireland. Amounts circulated range in EUR 10-15 bln. Irish Fin Min Lenihan insists the talks are not about a bailout but a loan. The importance of $1.35 in EURUSD (55-week MA) was highlighted by its ability to hold up the pair just as GOLD HELD UP well above the $1320 resistance. Must watch whether GOLD IS DEVELOPING A HEAD & SHOULDER formation, with the right shoulder at 1382-3. The EURCHF Head & Shoulder remains valid as long as NO CLOSE ABOVE 1.3495 occurs (Oct 8 high).


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