Intraday Market Thoughts

Archived IMT (2010.05.13)

by Ashraf Laidi
May 13, 2010 7:07

The AUDUSD HotChart from May 4 in this link called for a 0.90 target followed by 0.87. 3 days later, AUDUSD did collapse to 0.87. Since then, AUDUSD has yet to regain 0.9080, which is the previous channel support, now acting as a solid resistance. Overnight, Australian figures showed the net creation of 33,700 jobs in April, with the unemployment rate holding steady at 5.4%. The RBA is expected to keep rates unchanged next month after raising rates 6 times since October. Improved risk appetite today could raise AUDUSD towards 0.9040-45, but any break beyond it seen capped at 0.9070 before a gradual retreat back below 0.89 in the medium term and onto 0.8780. GBPUSD awaits its trade data at 8:30 GMT. GBPUSD hourly eyeing $1.4930.


Latest IMTs