Intraday Market Thoughts

Archived IMT (2011.03.10)

by Ashraf Laidi
Mar 10, 2011 18:06

STICKING w/ YESTERDAY's IMT CALLING for further gains in USDX as all the components of the index are down across the board. EURUSD stands on the 2-month trendline support of $1.38, around which swing traders could bid up the pair into 1.3830s. while euro bears could use the figure as the new focal point as USDX accumulates fresh gains into next week. Both US jobless claims and US trade balance were dismal, so USDX needs decent retail sales tomorrow to save the day, but I would think is more is needed to destabilise recently improved USD-momentum considering the Ezone doubts. THESE IMTs will be available at a cost starting from next month as they will include charts & tradable ideas. Those who followed this mornnings IMT were told of the suggestions to exploit GBP upside for fresh shorts after UK manu data ahead of BoE. The pair moved as planned, pushing towards $1.6195 before losing a 150 pips. China's 2nd trade deficit in 12 months served as an excuse to upset risk appetite despite the main reason for that being lower sales during the Chinese New Year holiday.


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