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Forex Flash: EUR/GBP poised to continue range bound fashion – RBS

FXstreet.com (Barcelona) - According to Paul Robson, Senior FX Trading Strategist at RBS, “Nothing in price action last week to change our longer-term EUR/GBP view that this cross will continue in a range bound fashion for the remaining six weeks of this quarter. Support is strong around 0.8420 and short term resistance at 0.8590/0.8604.”

Our forecast remains this week much as it did last week: “EUR/GBP is in a range bound market and will continue to be until at least the rest of this quarter and possibly the next.
The extremes of this range lie at 0.8420 and 0.8770, whilst the shorter-term range high lies around the significant gap opening lower around 0.8590/0.8604; this looks to be the level to catch any short-term EUR advances.” he adds.

Only consecutive weekly closes sub the important 0.8420 support would leave me to expect a fairly aggressive move lower down to the 0.8264 retracement level.

Forex Flash: Australia strategy profile – Westpac

Broad USD strength has been punishing AUD more than most, just as the opposite usually holds true. Stronger local data calls into question when the RBA will cut again, helping limit AUD/USD downside. However, “the cleanout could easily extend to 0.9850/70 near term before bouncing back above 1.00 on stretched short positioning.” notes Global FX Strategist Sean Callow at Westpac.
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