Intraday Thoughts – December 11, 2008
What started out as a buoyant looking week for the currencies has found most of the pairs mired in mixed trade with only Euro and its EURJPY crosses managing so far to push the rebound agenda. With equity markets slipping Tuesday and needing a late recovery Wednesday most of the rest remain mired in mixed trade. For now note that the failure to see new highs in GBPUSD, AUDUSD, and their Yen crosses this week now has daily oscillators near turning from its bullish bias, as the US auto bailout gets drawn out and we head for the weeks key releases Thursday and Friday. Any further failure to hold on to intraday gains for the latter pairs will see us even more vulnerable for breaking south. Ahead in Asia key issue will be Australian jobs numbers with consensus forecasts seeing the unemployment rate push to 4.5% with job losses expected at 15,000. As such we note supports at 0.6510 in AUDUSD and 60.20 for AUDJPY likely sell-off points for serious bears.






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