Intraday Market Thoughts

Archived IMT (2011.03.11)

by Ashraf Laidi
Mar 11, 2011 15:49

Japan's devastating tsunami deepens its damage after the biggest earthquake in history struck the NthEastern part of the country. Fears about the nuclear facilities have raised a state of emergency. Markets are in the red following stronger than expected US retail sales but consumer sentiment hit a 5-month low. USD eases off its highs; EURUSD and AUDUSD face their hourly trendline resistance at 1.3855 & 1.0075 repectively. Will need to see whether those key support levels will hold this week (1.3790s and 1.0020s) despite having seen lower intraday levels (but these are not as important as the daily and weekly closes as Ive stated repeatedly in these IMTs. EURGBP is nearing its 100-week MA of 0.8660s, at which point the bears come skim off the top. More on this pair in the HotChart SUPPORT LEVELS IN PREV IMT on GBPUSD AUDUSD remain intact as I expect deterioration in stocks in the final day of a week where the S&P500 has finally shown a sub-55dma close for 1st time since Sep.


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