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Flash: GBP/USD charts a bullish engulfing pattern – Commerzbank

FXstreet.com (London) - Technical analysts at Commerzbank have explained that GBP/USD charted a bullish engulfing session yesterday, and that this suggests the market will continue to hold above their 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March-to-May rise.

Rallies are expected by them to find initial resistance at the 1.5159 May 17 low. They will remain immediately bearish while GBP/USD trades below its May 16 high at 1.5322. They said that the key resistance is seen at the 1.5601 50% retracement of the down move seen this year. While trading below here, GBP/USD is viewed as having topped. Support at 1.4997 is regarded as the last defence for 1.4832, the March low.

Flash: Even the Gods have bad hair days - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that yesterday morning it looked as though the market gods had laid out the pieces on a chessboard, in a way that was logical and tidy.
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Flash: Australian Capex pullback in Q1 and outlook remains clouded - Nomura

Nomura economists Charles St-Arnaud and Martin Whetton note that actual capex in volume terms fell 4.7% QoQ in Q1 2013, the biggest quarterly decline since Q3 2009.
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