Intraday Thoughts – November 07, 2008

Going to the close of Asian markets we have a mixed performance from the regions equity indices through broader trend is still for caution and weakness if not as bad as previous. Event risks for today is largely all about the US Employment Situation report where expectations point to a bleeding jobs market with the unemployment rate seen pushing to 6.3% and Non-Farm Payroll expected at -200,000, arguments to extend risk aversion. From the charts it is worth noting that hourly candles in EURUSD and GBPUSD have pulled back to the 23.6 Fib retracement levels of the latest sell-off with candles thus far showing difficulties in pushing higher though no outright rejections. What’s interesting here is that hourly oscillators themselves for the pairs are coming off overbought level which suggests we may be poised for a retest of the Asian lows paving the way for a break once we’ve confirmed the US numbers.

This entry was posted on Friday, November 7th, 2008 at 7:09 am and is filed under Forex FunnyMentals.
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