Intraday Market Thoughts

Archived IMT (2010.03.15)

by Ashraf Laidi
Mar 15, 2010 18:15

IF THE DOLLAR CHART IS NOT ENOUGH, then not sure what is. The bullish engulfing pattern show in todays USD Index candle is typical of trigger to upcoming USD strength (as seen in previous occasions in the chart). S&P500 touched 1150 on Wednesday, Thursday and Friday but failed to close at that level in each of those days. EURUSD needed to close above $1.38 on Friday in order to break out of its 4-month trend line. It closed at $1.3760. Today it trades at $1.3670. USD Index was required to hold above 79.20 on Friday to sustain its 4-month uptrend. Today it trades at 80.19.



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