Intraday Market Thoughts

Archived IMT (2010.02.02)

by Ashraf Laidi
Feb 2, 2010 16:10

Oil posts its 1st back-to-back daily gain in 6 weeks as rising stocks dampen the USDs ascent. Interim resistance stands at 76.30, followed by 77.00-20 confluence of 100-day MA + 38% retracement, deemed as a key resistance. Traders are cautious ahead of Wednesday's US ADP (13:15 GMT) & services ISM report (15:00), which could give clues on Fridays job report, therefore making any USD retreat rather limited. GBPUSD looks to extend its corrective move towards 1.6020, but a close above 1.6070 is unlikely ahead of potentially USD-positive figures. USD uptrend remains intact as long as USDX supported above 78.35-40.

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