Intraday Market Thoughts

Archived IMT (2010.05.19)

by Ashraf Laidi
May 19, 2010 12:17

SILVERs TRIPLE TOP extends sell-off SEE CHART suggesting further damage in the metal, followed by a possible $1170 in gold. BOTTOM suggests further AUSSIE COLLAPSE CONTINUES as AUDUSD drops 5% vs JPY and 3.5% vs USD. Last nights break of the all important 0.8570 triple bottom, paves the way for a theoretical medium term target of 0.78. As long as Aussie does not close above 0.86, the road remains open for 0.8170, followed by 0.80 and 0.78. The days losses are nowhere near the +500-point 1-day losses seen in 2009 or 2008. Reuters says AUDUSD trading activity is almost 50% above the daily average of last month


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