Intraday Market Thoughts

Archived IMT (2011.03.24)

by Ashraf Laidi
Mar 24, 2011 1:10

Portugal, EURCAD and EURGBP Charts. Now that Portugal's Socialist PM Socrates has resigned after failing to get parliamentary backing for austerity, Conservative president Cavaco Silva could form a temporary govt coalition before elections are to be held in June at the earliest. And while questions arise whether the EU/IMF would negotiate a bailout with a temporary govt, we GO STRAIGHT TO THE CHARTS and look at EURCAD (daily) and EURGBP (4hr) for a gradually floundering picture for the single currency. EURCADs double failure at 1.3970 is likely to lead towards 1.3650 and 1.3550s as long as oil prices remain boosted by minimal MidEast/Nth Africa uncertainty, with only a break (close) above 1.40 to call a break out. EURGBP chart is 4hr outlook, backing earlier IMTs and latest HotChart.


Latest IMTs