Intraday Market Thoughts

Archived IMT (2009.12.31)

by Ashraf Laidi
Dec 31, 2009 15:52

The US DOLLAR INDEX could be sending signals similar to those in July 2008, when the bottoming process turned into a full fledged rally that was boosted by massive deleveraging in equities and commodities. The fact that the current USD rally is emerging despote strengthening oil and stocks suggests more powerful USD dvances ahead at the next downleg in equities. We will closely watch horizontal-shaped 100-week MA, currently at 78.90, which proves as the main barrier to the important 81.40 level, currently the 50% retracement of the decline from the March high to the November low. USDJPY has already hit the 93 target projected for Q1, but it's mostly yen weakness that is driving the move rather than USD strength. *** WISHING YOU ALL THE BEST OF WEALTH & HEALTH IN 2010 & BEYOND ***


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