Intraday Market Thoughts

Archived IMT (2010.07.14)

by Ashraf Laidi
Jul 14, 2010 15:42

OIL UNABLE TO BREACH ITS 200-day MA of 77.40,which coincides with the trend line resistance extending from the Mar 5 high thru the June 28 high. This also helps explain USDCADs support at the 1.0270 floor and subsequent recovery to 1.0370. Sticking with prior IMTs bearish call on EURGBP eyeing prelim target at 0.8260 and 0.8210 as 0.84 appears harder to break. GBPUSD failed to breach 1.53, showing a negative picture on the 4-hour, but only a break below $1.5160-70 would be required to delay calls for renewed run-up to 1.53. Watch the close of the London bell for a potential attempt in GBPUSD back to 1.5330. 1.FOMC MINUTES (due at 18:00 GMT) could trigger renewed USD selling as they confirm ratres will remain low for a period of time wth diminshing risks of inflation.


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