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Technical analysis: Short Sterling

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Short Sterling – March 2010

Wed, Oct 28 2009, 09:16 GMT
by Nicole Elliott

Mizuho Corporate Bank  |  View company's profile


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Comment: The strongest daily close ever, and March 2010 Eurodollars doing something similar, as we ponder how low rates can go. Note: 50-year Index-Linked Gilts are yielding just 34 basis points. Although 3-month Libor remains stuck around 0.59%, we feel futures contracts can and will trade higher, pushed up by very large Ichimoku ‘clouds’ and bullish moving averages. Impressive volume and rising open interest last week suggests many are not prepared to ‘wait and see’.

Strategy: Attempt small longs at 99.220; stop below 99.100 to re-buy closer to 99.020. Target 99.250 and then 99.450/99.520.

Published on  Wed, Oct 28 2009, 09:18 GMT


Mizuho Corporate Bank | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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