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Friday April 16, 2010 - 19:58:03 GMT
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U.S. Dollar rallies as Traders Dump Higher Risk Assets

The U.S. Dollar was trading higher at the mid-session as traders sold higher risk assets after the SEC filed fraud charges against Goldman Sachs. The hardest hit market was the U.S. equities which dropped 1.50 to 2.00% following the announcement. The news triggered a massive liquidation in speculative commodities and equities, affecting almost all Forex markets.

The EUR USD, which was already trading lower at the time the bearish news hit the market, broke sharply while filling in the gap created on April 11th. This market is finding some support at a 50% retracement level at 1.3486. A failure to hold this level could mean an acceleration down to 1.3438.

The GBP USD is under pressure after breaking an uptrending Gann angle at 1.5437 and a .618 retracement level at 1.5419. The daily chart indicates this market is likely to test a 50% level at 1.5160 on April 20th.

The weaker Euro helped trigger a rally in the USD CHF. After several attempts to break a 50% level at 1.0609, the bearish Goldman Sachs news finally helped trigger stops above this level. Upside momentum could trigger a further rally to a retracement zone at 1.0643 to 1.0676.

The hard break in the stock markets fueled a drop in the USD JPY as traders liquidated their stock positions and paid back loans after buying back the Japanese Yen. The first downside objective at 92.26 was violated sending this market into an uptrending Gann angle at 92.02 where it found support. Further selling pressure could take this market down to a .618 price level at 91.67,

The main trend turned up on the daily USD CAD chart after this market crossed a main top at 1.0127. A downtrending Gann angle at 1.0122 stopped the rally. Falling crude oil and gold contributed to the weakness in the Canadian Dollar. Further upside action could take this market to 1.0108.

The decline in U.S equities is helping to contribute to the weakness in the AUD USD at the mid-session. Look for this market to challenge the last main bottom at .9223 into the close. A break through this level will turn the main trend down. Beside the liquidation of higher risk assets today, speculation that China may revalue the Yuan is putting downside pressure on this currency pair.

The NZD USD turned the main trend down on the daily chart when it penetrated a swing bottom at .7086.  A break through .7150 could trigger an acceleration to the downside later today. The daily chart indicates this market is vulnerable to a hard correction to .6986 over the near-term.

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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