Intraday Market Thoughts

Archived IMT (2010.05.21)

by Ashraf Laidi
May 21, 2010 15:11

UNCONFIRMED RUMOURS that Goldman Sachs has settled with the SEC are said to be boosting equities and the risk trade at the expense of the USD and JPY. Dow rallies +200 pts from its pre-open low. Todays passing of the German rescue bill at the Upper House of parliament will attempt to lift EURUSD above $1.2620, which is an important short-term resistance, linking the highs of May 2 and May 10. As EURUSD posts its 3rd consecutive daily gain, the pair HAS YET TO post 4-straight daily gains this year. AUDUSD aims at regaining 0.8320, a close above it would be important in extending bounce towards 0.8430. But previous key support of 0.8570, to remain firm resistance. USDCAD 4-hour showing signs of double top at 1.0730, which could extend drop towards 1.0570 trendline support in event of extended risk bounce. CAD remains better short vs. JPY than vs. USD.


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