Intraday Market Thoughts

Archived IMT (2009.10.15)

by Ashraf Laidi
Oct 15, 2009 15:11

Any brief pullback in USD is being exploited as a fresh selling opportunity. Stocks retreat after Goldman Sachs beat earnings but falls of short of last quarters record. The EIA data due in 20 mins could be considered as the last saving grace for the greenback for the day and could very well be the catalyst to call up $1.50 in the event of another unexpected draw in inventories (or smaller than expected build). The 200-week MA in US crude is at 75.55 but the high was at 75.93. While we did see an intraday break of this MA in August, there was no close above it. Will we see a close ABOVE the 200-week MA today? GBPUSD resistance now stands as the previous neckline support of 1.6340, a break of which calls up 1.6410.


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