Intraday Market Thoughts

Archived IMT (2011.02.22)

by Ashraf Laidi
Feb 22, 2011 6:00

QUICK UPDATE ON THE MARKETS as I enter my 3rd day of the NY Trading Expo. In the aftermath of the US Bank Holiday, we see more of the same; AUDUSD's failure to close above the previously mentioned resistance of 1.0145-50s, EURUSD's inability to regain 1.3750s cap (previous left shoulder and emerging right shoulder) and EURGBP's 2-step-up-3-steps-down pattern nearing the 0.8350 wedge support, making its way closer to 0.81 and the ultimate objective of 0.79 . GBPUSD drops below 1.62 despite remarks from BoE's Martin Weale stating that a small rate hike now would avert a bigger move later on. MOODY's CUT JAPAN's AA2 govt rating outlook to negative.


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