Intraday Market Thoughts

Archived IMT (2008.12.16)

by Ashraf Laidi
Dec 16, 2008 0:18

AUDJPY Daily chart may regain the trend line resistance at 62.25 extending from Nov 25 and the bigger trend line resistance of near 62.50 extending from Oct 2007. With AUDJPY currently standing at 60.40, there is ample room for a 2 yen rebound. A 75-bp Fed cut comprises a major catalyst to empowering JPY crosses such as AUDJPY, while a 50-bp cut may also help risk appetite in the event of explicit FOMC statement asserting willingness to extend persistent liquidity to credit markets. Also bullish for AUDUSD, NZDUSD and bearish for USDCAD.


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