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Thursday May 27, 2010 - 20:29:39 GMT
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U.S. Stock Indices Holding Gains

After an overnight and early morning surge, U.S. equity markets are still up at the mid-session and holding on to most of its session gains. An easing of tensions in the Euro Zone and good U.S. economic data is helping to raise optimism amongst investors.

The June E-mini S&P 500 is finding resistance at a downtrending Gann angle at 1094.75. Breaking this resistance point could trigger a further rally to a key retracement zone at 1105.75 to 1122.00. The June E-mini NASDAQ is holding steady with 1867.75 to 1894.50 its near-term upside objective. Finally the June E-mini Dow is setup for a further rally to a 50% retracement level at 10337.

The surge in equity markets is pressuring the September Treasury Bonds. Investors are liquidating flight-to-safety positions as demand is up for higher yielding assets. The daily chart indicates a potential retracement to 119’22 over the near-term.

The easing of tensions in the Euro Zone and greater demand for risk coupled with oversold conditions is helping to drive September Crude Oil higher. A new main bottom has been formed at 69.62. Regaining and holding above a 50% level at 72.16 is also helping to underpin this market. Upside momentum is strong, but the main trend remains down. There is an outside chance that this market may rally to 80.88 over the near-term.

August Gold is trading lower after failing to take out a .618 retracement level at $1219.50. This move completes a retracement of the $1251.40 to $1168.00 range. Despite the falling Dollar, hedge position liquidation is pressuring gold.

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 Yen.

The June Euro is trading higher at the mid-session. This morning’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 June British Pound 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 1.4947.

The June Swiss Franc is trading higher after confirming its closing price reversal bottom at .8562. Upside momentum is building which could drive this market into the retracement zone at .8862 to .8933.

Increased demand for higher yielding assets is helping to weaken the June Japanese Yen. Trading has been quiet lately indicating impending volatility. Watch for a surge in U.S. equities to trigger a quick break back to 1.0954 over the near-term.

Strong crude oil is helping to support the June Canadian Dollar. Once again this market has rejected the former bottom at .9213. Upside momentum is building which could drive this market to .9552 to .9632 over the near-term.

 

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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 here.

Forex News
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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