Intraday Market Thoughts

Archived IMT (2009.04.28)

by Ashraf Laidi
Apr 28, 2009 9:18

Yen strength dominates currency markets on 4% declines in BoA & Citigroup as these were reportedly told by US regulators they need to raise more capital following the stress tests. Yesterdays Hot-Chart on EURAUD hit the 1.8550 target, but more gains seen towards 1.8740. AUD, NZD and NOK underperform as these high yielders fall prey to unwinding of carry trades. Head -&-Shoulder formations are increasingly apparent in AUDJPY and NZDJPY. The topping out formation in major world indices is increasingly apparent, further validating our expectations for more downside next month.


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