Intraday Market Thoughts

Archived IMT (2010.05.06)

by Ashraf Laidi
May 6, 2010 17:16

YEN STRENGTH TAKES OVER FROM SOARING USD as USDJPY breaks thru key 92.80 support to 92.20, but needs to close at or below to confirm the break of the 92.40 support38% retracement of the rally from the 88.2 low to the 94.96 high. USDCAD breaks above 100-day MA, now eyeing its ALL IMPORTANT 200-day MA of 1.05. But 1.0455-60 stands as the 61.8% retracement of the 1.078-.9923 decline. As risk aversion eases into NY Lunch, we may see a temporary retreat in USD and JPY after which fresh rallies to emerge at around 18:00 GMT (14:00 EST). CAD shorts must be cautioned ahead of a potentially favourable jobs report from Canada, which is due (11:00 GMT Friday) 90 mins before the US report.


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