Intraday Market Thoughts

Archived IMT (2009.10.07)

by Ashraf Laidi
Oct 7, 2009 11:54

Under the shadow of all the talk about fading USD hegemony, GBP continues to rise to the occasion by extending its fall, losing even against the weak USD. $1.5870 and 0.9270 targets in GBPUSD and EURUSD have been hit, and expect EURGBP to extend gains towards 0.93 after a slight retreat to now less than 0.9240. GBPUSD next target stands at 1.5825-30, while any prospects for a bounce are limited at 1.5990. AUDUSD rises above that key 0.8930s resistance but a close above 0.8945s is necessary to validate the uptrend. Selling USDJPY remains a decent hedge for long USD positions against GBP and CAD. USDCAD retests 0.95 Canadian cents (1.0525).


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