Intraday Market Thoughts

Archived IMT (2010.12.16)

by Ashraf Laidi
Dec 16, 2010 3:03

AUDUSD needed to close above parity to invalidate H&S pattern but failed to do so (despite touching parity) before quickly losing 150 pips on Wednesday. Hours ago, Aussie inflation expectations were reported to have slowed to 2.8% in Dec from 3.1% in Nov, positing their second consecutive monthly slowdown. Not exactly bulllish for AUDUSD. Eyeing preliminary 0.9750 for now. NZDUSD ALSO showing a case of H&S, whose falling neckline suggests prelim 0.7290. My $1;27 objective for EURUSD has not changed since Nov 23. See my IBEX35 chart on here

*****I WILL BE OFFICIALLY STARTING my vacation on Thursday. Therefore, my updates on the site and twitter will be less frequent than usual.


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