Intraday Market Thoughts

Archived IMT (2011.02.17)

by Ashraf Laidi
Feb 17, 2011 19:21

REBOUNDING EQUITIES explain part of the USD selling but the IMF's latest update indicating the US dollar is on the strong side of fundamentals, suggesting that some depreciation would help a more balanced growth is also weighing on the currency. FX traders are well aware that such remarks are a veiled restatement of pressuring China on its currency; the US dollar is overvalued against the Chinese yuan. DOES THE IMF MATTER? The IMF's FX pronouncements have always managed to impact the market, especially as they are taken to be the unofficial mouth piece of the G5 and also theUS.

*** AUDUSD hart whose 4-hour chart 1.0060s resistance was broken . THE PATTERN WITHIN A PATTERN is the Head & Shoulder better seen on the AUDUSD BREAKS the 1.0070 right shoulder on the 4-hour chart, whose left shoulder stands 1.0070 (Jan 19), head at 1.02 (Feb 7) now eyeing the next barrier at 1.0130, trendline from Feb 2nd thru Feb 9th.


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