Intraday Market Thoughts

Archived IMT (2009.06.01)

by Ashraf Laidi
Jun 1, 2009 15:10

S&P500 probes through its 200-day MA for the first time since May 2008, while the Dow yet to do so. EURUSD tests top of its rising channel (see latest article) at 1.4250 resistance and rising support at interim $1.4170, backed by $1.380. Yen weakness dominates across the board as USDJPY pushes to session highs, eyeing 96.30. AUDNZD breaks below 1.25 to 1.2460, seeking to test 1.24 and 1.2380.Gold struggles to break above 987. ISM and consumer spending broadly better than expected,further extending YEN weakness. GBPJPY and USDJPY are biggest gainers vs YEN,while NZDJPY falls closely behind. Look for 159 and 63.45 in GBPJPY and NZDJPY respectively.


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