Archived IMT (2010.05.20)
DAMAGED GOODS is the state of the commodity currencies as their selloff intensifies primarily against JPY, USD and to lesser extent the euro. What started as a shapr selloff in AUD is now broadening into CAD and NZD. We continue to target 0.8140 and 0.80 as prelim AUDUSD targets, followed by 0.78 as the ultimate objective following the break of 0.8570. EURCHF failed to breach the 1.43 trend line resistance despite yesterday's intervention, thus calling up prelim targets at 1.427 followed by 1.4220 and 1.4070. GBPUSD eyes 1.4250, a break of which calls up 1.4130 but at this point it's more appropriate to play GBP shorts via EURGBP longs. Ashraf is travelling so no updates for the rest of the day.
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