Friday May 21, 2010 - 20:14:00 GMT
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Forex Hound - www.forexhound.com
Revived Risk Appetite Drives Commodity-Linked Currencies Higher
The Aussie is up for the first time in six days but the main
trend remains down. Over the losing streak, the Australian Dollar dropped from
.8961 on May 13th to today‚Äôs low at .8070. Friday‚Äôs break took the Aussie to
its lowest level since the week-ending July 24, 2009. The lower-low, higher
close formation taking place suggests the start of a possible 2 to 3 rally with
.8728 the next upside objective.
Greater demand for higher risk assets and oversold
conditions are also helping to boost the NZD USD. Although this market is not
in a position to form a daily closing price reversal, watch for the start of a
2 to 3 day rally with a possible retracement to .6981.
The USD CAD slammed into resistance slightly above the old
top at 1.0738, reaching a high of 1.0749 before turning south. Oversold
conditions and a strong equity market helped trigger today‚Äôs profit-taking
break. The intraday action suggests the formation of a closing price reversal
top. This pattern suggests the start of a 2 to 3 day break with 1.0430 the
first objective followed by 1.0354.
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