Intraday Market Thoughts

Archived IMT (2011.02.12)

by Ashraf Laidi
Feb 12, 2011 16:28

AUDUSD & EURUSD DOUBLE CHARTS AFTER A LONG WAIT. AUDUSD falls into the much anticipated Head & Shoulder formation, whose right shoulder (resistance) was repeatedly tested but failed at 1.0190s. Such formation is similar to the H&S formation of April-May 2010 before the RBA intervened at 0.80. EURUSD failed to near the 3-year trendline resistance at 1.41, while more recenty was unable to take out the 1.5750s right shoulder resistance. The 55-WEEK MA acts the next support on the medium term horizon.


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