Intraday Market Thoughts

Archived IMT (2011.03.16)

by Ashraf Laidi
Mar 16, 2011 11:49

USDCAD and EURGBP are showing noteworthy developments. USDCAD weekly stochastics extend rebound from a 10-month low (slow stochastics 9, 3, 3) testing over the 25% band, as the pair faces interim resistance at 0.9980 in order for 1.0270s to take place. Yesterdays break above 0.99 may have been short-lived but could be a sneak preview of prolonged upside in the event of a lasting close sub 1280 in SP500. Those who have traded FX over 6-7 years ago may recall USDCADs 1-2 day lead for subsequent moves in USDX. ------------ EURGBP testing the 2.5 year trendline resistance addressed in the latest hotchart (see here: ).Must watch the 100-week MA of 0.8680s. A daily close at or above 0.87 could suggest extended gains towards 0.8880s. These fundamentals are occurring on the back of broader GBP weakness, which is also seen via short-lived gains in cable. Take a look at the LATEST ARTICLE on Beginning-of-the-month patterns in USDX


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