Intraday Market Thoughts

Archived IMT (2011.01.03)

by Ashraf Laidi
Jan 3, 2011 15:11

HAPPY NEW YEAR everyone. USD Index opened above last weeks low of 78.82, which scraped below the Dec 14 low. Yet, it may become misleading to focus on this USDX as it excludes the high flying commodity currencies of AUD, NZD and NOK. I havent abandoned my medium term negative bias on EURUSD and $1.27 objective as long as no WEEKLY close above $1.33 takes place. In the event of a successful close above $1.33, euro bulls will watch the $1.3475 resistance --(lows & subseq highs as well as 38% retracement of the decline from the Nov high)as the subsequent barrier to break. Todays data US Data strength (ISM & construction spending) may serve as a robust foundation for the falling USD especially in the event where US payrolls deliver the +100K rebound from the dismal +39K shown in Nov. A MORE DETAILED ANALYSIS of the next 6 months in FX as well as learning from predictions that did NOT work will be dissected in my 1-day London course on January 23


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