Intraday Market Thoughts

Archived IMT (2009.07.06)

by Ashraf Laidi
Jul 6, 2009 23:19

US stocks comeback into positive territory enabled minor risk-seeking trades to run into the Asian session, especially as Nikkei-futures edge closer into positive territory (currently -6 pts after Mondays -135 pts). The prior IMT favouring AUDUSD and AUDJY have been attained well before the NY close, and more upside is seen in Asia into and 76.30s and 0.8030s. No formal G8-rhetoric on FX is due out until July 9th. Cable recovery seen capped at $1.6360, while USDJPY capped at 95.80. Silver still supported at $13.00, with support extending from the Nov low of $8.40 and $13.20 being the 38% retrcmt from the 8.4 low to the 16.2 high. 55-day MA at 12.96 and 200- day MA at 12.87.


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