Intraday Market Thoughts

Archived IMT (2009.09.14)

by Ashraf Laidi
Sep 14, 2009 14:07

Oil holding steady above $68.50 despite falling equities, prompting USDCAD above 1.00--50% retracement of the decline from the 1.11 high to the 1.0676 low. 1.09 is also the trend line resistance from the Sep 2 high. But a close above 1.0900-10 would suggest a possible follow-up to the next target at 1.0995. GBPUSD extends weakness, with GBP and USD being the primary beneficiaries. USDJPY rebound is now seen probing 93.20-30s as the new Japanese govt formally takes over and may deliver some ceremonial remarks about excessive currency moves.


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