Intraday Market Thoughts

Archived IMT (2011.01.11)

by Ashraf Laidi
Jan 11, 2011 16:30

EURO CAT BOUNCE RUNNING OF LIVES as the highs get lower ahead of Portugals auction of 1.25 bln in 5 and 10 year bonds (Wednesday) and Spains auction of 3bln in 5-year bonds (Thursday) will be scrutinized in terms of subscription as well as resulting yield. The 200-day MA at $1.3070-80 stands as the immediate barrier for any recovery, but position traders who are short the pair ought to be comfortable with stops above $1.3280. Shorting GBPUSD and EURGBP is another viable way of going against EURUSD. The GBPUSD portion may have shown resiliency above the $1.54 support (200DMA) but considerable pressure remains at $1.5630s. AUDCAD breaks further below its trendline but the key test is found at 0.9720-00 a close below which should trigger 0.9330s. WATCH ASHRAF's BNN INTERVIEW ON PORTUGAL & EURUSD:


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