Intraday Market Thoughts

Archived IMT (2009.08.11)

by Ashraf Laidi
Aug 11, 2009 14:58

Intensifying risk aversion prolonging CAD damage, sending USDCAD towards our 1.1030 target (see USDCAD HotChart from 1.08) and USDJPY below 96.40 as oil finally gives in below $70, hitting 69.35. The chart shows that euro continues to lead turnarounds in oil prices. GBPUSD held up at 1.6435, but a decline the 50-day MA of 1.64 remains in the cards. As stocks broaden losses and Brazils Bovespa maks a much anticipated decline, expect more aggressive losses in JPY pairs. NZDJPY eyes 0.6380, CADJPY eyes 86.90 and AUDUSD eyes 0.8230.


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