Intraday Market Thoughts
Archived IMT (2009.09.17)
by
Sep 17, 2009 17:31
Stocks pare their earlier gains following stronger than expected Philly Fed's survey, while oil retreats by more than 70 cents off its $73.12 session high, attempting a close above the elusive 72.40-50 territory. We still deem the 200-week MA at 74.85 as a powerful resistance for the fuel. While both gold and silver are continue to show potential for further gains in the long term, silver remains 23% below its $21.27 highs, and has yet to regain the key 76% retracement from the decline from the 2008 high to the 2008 lows. NZDGBP eyes more losses towards 0.4270 (GBPNZD towards 2.34). Awaiting to see whether AUDUSD produces a doji candle or a bearish gravestone doji (in case of a close below 0.87).
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