Intraday Market Thoughts

Archived IMT (2009.10.29)

by Ashraf Laidi
Oct 29, 2009 7:33

Yen continues its broad rise, eclipsing the dollar among the lower-yielding categories. Nikkei-255 dropped 1.8% to 9.891, illustrating a pattern of lower highs typical of most JPY crosses. Watch out for the 1.47-1.047 SUPPORT COMBO , with the levels serving as key trend line support for EURUSD (1.47) and S&P500 (1047) holding since the March lows. 1,047 is also the 55-day MA of the S&P500, a close below which now paves the way for 998, and a potential 1.4410 in EURUSD, which is the 23.6% retracement. USDCAD BREAKS below the 90.70 trend line support, now resting the 90.20 low, before the key 89.60 target. OIL recovery seen failing at 78.45-50, with interim target at 75.00.


Latest IMTs