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Forex Flash: GBP/USD to eventually ease towards 1.4853 - Commerzbank

Commerzbank analysts continue to expect a consolidative attempt following the huge sell off since the beginning of the year: “We note the TD perfection set up and the 13 count on the daily chart and the Elliot wave count is pointing to a 1.5265 and possibly 1.5380 correction ahead of further weakness”, wrote analyst Karen Jones. “We therefore suspect that we will see the market consolidate some of these losses ahead of further weakness”, she added.

The sell off that breached below the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009) shows extremely negative price action “and beyond a rebound we look for losses to 1.5000/15 and then 1.4853, the 61.8% retracement of the 2009 move”, Jones concluded.

Forex: EUR/SEK testing weekly lows after Swedish data

The Swedish krona is stronger on Wednesday, orbiting around 8.4300 against the single currency on Wednesday after the trade surplus during January widened to SEK 6.0 billion from SEK 0.7 billion in the previous month....
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Commodities Brief – Gold operates near one-week high as the reiteration of US easing revitalizes precious metals

Gold prices have been confined to a rather tightened range Wednesday, after recording its highest daily advance all week yesterday on comments of prolonged quantitative easing in the US. The yellow metal reached as high as 1614.35 (session high) earlier today during European trading, however it has found itself capped by its 200-day SMA, which is acting as resistance, and its 20 and 50-day SMA acting as support. At the time of writing, gold is trading in negative territory at USD $1611.20 per oz., down -0.27% While markets will listen for any derivation of this strategy at Bernanke’s testimony later today at 15:00 GMT, the primary near-term focus will be the looming March 1 deadline, and the positioning gold investors will take surrounding this date.
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