Intraday Market Thoughts

Archived IMT (2010.11.01)

by Ashraf Laidi
Nov 1, 2010 17:51

On that Daily GBPUSD Chart

So basically, the Doji will remain in force as long as NY closes between $1.6050 & 1.6030. A close between 1.6030 & 1.6000 would suggest a gravestone or a bearish inverted hammer. I already mentioned the possibility of a weekly Double Top on Sunday for this week, but we do need the fundamental confirmation for such occurence, which could come in the form of disappointing showing on UK PMI construction (Tues), services PMI and BRC report (both on Wed) and Halifax home prices as well as PPI on Friday. Downside seen extending towards $1.585-, followed by 55-day MA of $1.5660. Aside from these UK-specific risks, the FOMC/Election/Jobs report could further propel these USD dynamics.


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