Intraday Market Thoughts

Archived IMT (2010.07.26)

by Ashraf Laidi
Jul 26, 2010 15:30

US NEW HOME SALES shot up 23.6% in June (highest rise since 1980) following a revised decline of 36.7% in June. The decline the supply of new homes to 7.6 months from 9.6 months is also helping to lift equities at the expense of JPY and USD. Extended gains in risk appetite boost EURUSD to $1.2955; eyeing resistance at $1.3030s. CADJPY tests 84.60 resistance, a break of which to call up 85.00s, Closely watch oils movements, breaching above 100 and 200 day MA to retest $80 per barrel. USDJPY remains capped at 87.70. since May 19. Both S&P500 and Dow further move up above their 200-day MAs. Prolionged gains extension in equities could exacerbae the monthly technicals in USD Index.


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