Intraday Market Thoughts

Archived IMT (2008.10.08)

by Ashraf Laidi
Oct 9, 2008 0:57

Australian jobs figures at 8.30 pm EST (12.30 am GMT) expected to show a rise in the September unemployment rate to 4.3% from 4.1% and a decline in jobs to 0K from 14.6K. AUDUSD recovers from a 5-year low of 0.6438 to 0.6670s but remains clearly in a negative bias as markets remain in critical care following further global erosion despite the global rate cuts. Asian stocks down across the board, which could prompt fresh declines in AUD pairs. Symmetrical triangle on hourly AUDUSD, facing resistance at 0.6750, followed by 0.68. Interim support stands at 0.6620, followed by 0.6580. Accelerating selling in equities coupled with a potentially negative reading in Aussie payrolls could call up 0.6500.


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