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Intraday U.S. Dollar Rally Fizzles near the Close

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 13, 2009.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    At the midsession, it appeared the U.S. Dollar was in a position to reverse today’s trend and finish higher for the day, but bullish news from Intel after the close helped drive up demand for higher risk assets.

    The EUR USD finished higher despite a less than friendly German consumer confidence report. Traders have decided to focus on the future rather than old economic data. This is helping to give the Euro its current boost. The Euro made a new high for the year today, but there was no acceleration to the upside. This is leading some analysts to believe that this currency pair is overbought at current levels.

    This morning a bearish U.K. inflation report initially drove the GBP USD lower, but traders quickly bought the dip to trigger a higher close by the end of the day. The closing price reversal bottom does not change the trend to up, but indicates the start of a 2 to 3 day rally. The chart indicates a move to 1.5913 to 1.5962 is likely over the short-term.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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