Thursday May 27, 2010 - 20:28:59 GMT
Share This Story
Forex Hound - www.forexhound.com
Dollar Down on Increased Demand for Risky Assets
Increased demand for higher risk assets is helping to drive
down the U.S. Dollar index at the mid-session. The Dollar is trading lower
against most major currencies with the exception of the lower yielding Japanese
The EUR USD is trading higher at the mid-session. This
morningâ€™s rally has driven the Euro into a Fibonacci retracement level at
1.2345. Additional resistance is coming in at a downtrending angle at 1.2371. Regaining
both of these prices could trigger a further rally to the 50% price at 1.2407.
The GBP USD is moving higher and away from the support base
it has been building over the last five days. Based on the short-term range of
1.5391 to 1.4229, traders should look for a near-term retracement to 1.4810 to
The USD CHF is trading weaker after confirming its closing
price reversal top at 1.1695. Downside momentum is building which could drive
this market into the retracement zone at 1.1309 to 1.1218.
Increased demand for higher yielding assets is helping to
boost the USD JPY. Trading has been quiet lately indicating impending
volatility. Watch for a surge in U.S. equities to trigger a quick
rally back to 91.61 over the near-term.
Strong crude oil is helping to pressure the USD CAD. Once
again this market has rejected the former top at 1.0738. Downside momentum is
building which could drive this market to 1.0481 to 1.0394 over the near-term.
The AUD USD is trading higher at the mid-session. Stronger
global equity markets are the catalysts behind todayâ€™s rally. The charts
indicate that there is plenty of room to the upside with a possible retracement
to .8727 to .8883 likely over the short-run.
The NZD USD has confirmed the closing price reversal bottom
at .6560. The daily chart indicates that this market could retrace back to
.6942 over the near-term.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
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."