Intraday Market Thoughts

Archived IMT (2009.11.20)

by Ashraf Laidi
Nov 20, 2009 10:17

Nikkei falls to 4-month lows, extending its 4th consecutive losing week, the longest since Sep-Oct of last year. Risk appetite takes a turn to the worst in FX as GBP, AUD, NZD deepen losses against USD and JPY, while EUR continues to hold firm across the board, with the exception against JPY. We stick with our 131.20 and 82.80 targets for EURJPY and CADJPY. We still expect EURUSD to attempt a fresh RETEST OF $1.4820 from the current $1.4880. GBPUSD hits out 1.4580 target, now looking for 1.6510 and a possible 1.6460 for next week. USDCAD probes 3-week trend line resistance, eyeing 1.0740.


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