Archived IMT (2009.10.07)
Under the shadow of all the talk about fading USD hegemony, GBP continues to rise to the occasion by extending its fall, losing even against the weak USD. $1.5870 and 0.9270 targets in GBPUSD and EURUSD have been hit, and expect EURGBP to extend gains towards 0.93 after a slight retreat to now less than 0.9240. GBPUSD next target stands at 1.5825-30, while any prospects for a bounce are limited at 1.5990. AUDUSD rises above that key 0.8930s resistance but a close above 0.8945s is necessary to validate the uptrend. Selling USDJPY remains a decent hedge for long USD positions against GBP and CAD. USDCAD retests 0.95 Canadian cents (1.0525).
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