Intraday Market Thoughts

Archived IMT (2011.02.17)

by Ashraf Laidi
Feb 17, 2011 12:05

USDs LATE WEDNESDAY's SELL-OFF is a wake-up call to aggressive USD longs in emerging on hesitancy from risk currencies, but these remain well confined w/in their ranges. ONE EXAMPLE is AUDUSD whose 4-hour chart 1.0060s resistance remains intact. THE PATTERN WITHIN A PATTERN is the Head & Shoulder better seen on the AUDUSD 4-hour chart, whose left shoulder stands 1.0070 (Jan 19), head at 1.02 (Feb 7) and right shoulder at 1.0070 (Feb 14). Such H&S pattern is part of the greater H&S (left shoulder on Nov), which we already talked about. 4 hour stochastics turning lower, suggesting next support at 0.9950, which has yet to break. Immediate cap found at 1.0075. EURGBP shows little progress above 0.8440s before retreating gradually back to 0.84, still eyeing 0.8350, and vulnerable to a potential break below 0.82. Booth will exhibit at NEW YORK TRADERS' EXPO Sunday-Tuesday (Feb 20-22).


Latest IMTs