Intraday Market Thoughts

Archived IMT (2009.05.29)

by Ashraf Laidi
May 29, 2009 9:48

GIFT THAT KEEPS ON GIVING: Selling USD against all major currencies remains path of least resistance, especially against the commodity currencies. Aussie remains the BEST PERFORMING currency year-to-date against top traded 10 currencies, followed by GBP, CAD and NZD. JPY is worst performing currency, followed by CHF and USD. Since the bottom of world equities of March 8th however, NZD is the highest performer, followed by AUD and GBP, while USD is the worst performer. GOLD has now breached over the key resistance of $967 /oz, eyeing 987 as the next target. Silver broke through the key $14.90 level, looking to test $16.39--61.8% retracement of the drop from the all time high to the 8.5 low.


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