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Dow Stages Late Session Rally
Tue, Nov 18 2008, 22:00 GMT
by James Whyte
ForexAmericas
Market View for November 19, 2008
The Dow staged a late session rally to close up 151 points, after showing triple digit gains then losses earlier in the session. The rally was led by tech stocks after HP forecast strong 4th quarter earnings. Energy stocks were also higher, although oil was down once again. Financials were mixed, with Citigroup once again losing 7%. The Nikkei was down 2%, but European stocks ended up about 1%. The focus after hours is on the senate hearings for the big 3 automakers, and whether or not they can get any help from the U.S. government. The fickle currency markets are once again closely following the equity markets.
EUR/USD:
Euro fell in NY after retesting a resistance line, which now comes in at 1.2678. We are looking to sell ahead of that line with a tight stop at 1.2705.
USD/JPY:
Dollar Yen kept a fairly tight range of 96.30-97.40. We look play this range for now.
GBP/USD:
Sterling tested 1.5095 in early London before breaking the 1.4970 old resistance on the downside to test 1.4890. On the back of the Dow rally, cable could retest the high 1.50’s, and we look to 1.5100 to cap it for now.
AUD/USD:
Aussie rose and fell and rose with the Dow, climbing 100 pips in the last hour of trading. .6600 resistance remains intact for now.
Published on
Tue, Nov 18 2008, 22:02 GMT
Archive
- Euro falls following Trichet's comments.
Published On Fri, Mar 6 2009, 04:59 GMT
- U.S. Dollar advances vs. Yen.
Published On Thu, Mar 5 2009, 04:54 GMT
- Dow dips to 12-year lows.
Published On Tue, Mar 3 2009, 06:29 GMT
- Dollar index climbs to new highs.
Published On Sat, Feb 28 2009, 00:49 GMT
- Dollar near 3-month highs.
Published On Mon, Feb 23 2009, 22:50 GMT
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