Intraday Market Thoughts

Archived IMT (2009.04.28)

by Ashraf Laidi
Apr 28, 2009 13:34

AUDNOK's 4-week bull run lost nearly a 1/3 of its 14% gains last week, signaling the beginning of a possible turnaround, which could be prompted by protracted unwinding of risk appetite. With Aussie interest rates at 3.00% compared to 2.00% in Norway, AUD is set for further losses in the event of prolonged pullback in equities. As the analysis stands more favorable for NOK than AUD, we could see more upside for EURAUD than EURNOK, and more downside in AUDUSD than gains in USDNOK. USDNOK nears the trend line resist at 6.85--also the 100-day MA, followed by a possible break out of the 6.9.


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