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Flash: What does the EUR/USD have to offer? – BBH and Westpac

FXstreet.com (Barcelona) - The single currency is advancing against its American counterpart at the beginning of the trading week, hovering around 1.2865/70 as the risk aversion seems to be taking a breather.

“A large head and shoulders pattern is being carved out. The neckline is seen near the late March and early April lows around $1.2740… The measuring objective of the head and shoulders pattern would carry the single currency below $1.20, our year-end target”, suggested the BBH Global Currency Strategy Team.

In opinion of Sean Callow, Strategist at Westpac, “European news flow should remain a weight on EUR crosses but our broad USD view should limit EUR/USD downside near term to the mid-1.27s that have proven to be good support since Nov12”.

AUD/USD eases off highs to 0.9780/86

The AUD/USD broke higher Monday, having been capped at the 0.9800 region (0.9797 session high) during European trading in recent minutes.
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Commodities Brief – Precious metals rebound off Asian lows, crude downside imminent below 96.70 resistance

The yellow metal is moving downwards for the eighth trading day, which initially approached support at the 1321.00 region. However, in being capped by the 20 and 50-day SMA and in addition to negative candlestick formation, further weakness seems likely on the horizon for gold prices. Ultimately, a potential break below the 1321.00 region could bring aggressive downside actions and sweeping movements, though the MACD solidifies the technical anticipations of resuming the downtrend by drawing a negative crossover presently. At the time of writing, the price of gold is now trading at USD $1354.43 per oz. Monday.
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