IntegrityFX Daily Intermarket Outlook - 06/29/2009
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IntegrityFX Daily Intermarket Outlook - 06/29/2009
By David Leal, Market Analyst
Looking at today’s price action, it is difficult to attribute it to any particular fundamental factor. In fact, there is no fundamental news of significant impact until US unemployment data is released on Thursday. Taking a look at equities, the S&P held onto the 928.50 level, which has been significant support, then resistance. Technically speaking, it looks like this resistance will hold, so look for the market to make a move toward risk aversion on the open of the US market tomorrow
Commodities have remained strong as of late so we will look outside the commodity based currencies for something to buy the dollar against. British current account data will be released tomorrow, so if this reads worse than expected, it will leave the British pound soft and primed for a sell.
Daily Currency Pair Analysis
GBPUSD: Look to sell this pair in anticipation of a fall in US equities tomorrow. Especially if the current account data is weak
Potential Trade: GBPUSD sell
Optimal Entry: 1.6600
Stop: above 1.6660
Target: 1.6330
David Leal
Market Analyst
Integrity FX, LLC
Tel +1 951.823.0686 | Fax +1 951.823.0687
DLeal@IntegrityFX.com
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