Intraday Thoughts – November 21, 2008

Intraday Thoughts – November 21, 2008
November 21st, 2008 @ 3:20 am by Mark De La Paz

The weak US equity market has seen Asian equity indices opening lower and staying under the waterline. Currencies for their part continue to see technical pressure for a pullback from the hourly charts though fast approaching overbought levels among the oscillators and already showing signs of a fresh short in the 15-minute time frame. Still we recall yesterdays price action where the broad sell-off only came in as Japanese traders came back from the midday break finding things little changed. The next few hours however will be looking at an event risk with a Japanese interest rate decision, but  more importantly an accompanying monetary policy statement and BoJ press conference.

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