Intraday Market Thoughts

Archived IMT (2009.05.12)

by Ashraf Laidi
May 12, 2009 18:16

All 3 major equity indices in the red but Dow only -0.48% compared to -1.8% in NASDAQ with S&P500 -1.3%. Sterling continues to fail in breaching its 200-day MA while EURUSD unable to regain its the key $1.3740. Modest risk aversion playing in the favour of the JPY as NZDJPY breaks below 58 (see V-formation on daily chart) eyeing 57.20. USDCAD eyes channel resistance at 1.1770. As warned yesterday, the last hour of equity trading could trigger sharper selling in AUD, NZD and CAD in the event that indices add to their losses from current levels.


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