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Intraday Thoughts – November 20, 2008

Premium Market Reports by FXTechStrategy

Intraday Thoughts – November 20, 2008
Wednesday, November 19th, 2008 @ 11:43 pm by Mark De La Paz

Prospects of a big 3 auto bankruptcy saw US equity indices slipping steadily through out the New York trading day with currency markets seeing risk aversion returning as the Dow closed just under the 8,000 mark at 7997.28. Note however a brief spike at the US open paved the way for better pricing as talk of hedge fund demand for Euro triggered a technical breakout across the dollar pairs. Going into the Asian session we continue to look for more risk aversion as we note economic numbers themselves suggest worsening conditions for the US consumer, Asian exporter’s main market. From a technical perspective though yesterdays sell-off has pushed the charts in extremely oversold levels suggesting pullbacks though a sell on rallies theme is preferred.

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