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Forex Flash: AUD/USD potential upside ahead – Danske Bank

The Aussie dollar is consolidating its losses below the psychological mark at 1.0200 on Monday, after tepid results from the domestic economy and the Chinese economy.

A.Lohman Rasmussen, Chief Analyst at Danske Bank, comments, “Scope remains for an extension lower in the near term, but bulls are expected to re-assert within a strong confluence of support in the 1.0149/0.9969 zone. The suspected wave C off the 10 January 1.0599 high is starting to look extended and a flat 200-Day MA implies a lack of downwards momentum, adding weight to the view that a reversal higher will soon occur”.

The expert adds that if the cross clears 1.0375 would open the way to 1.0475 ahead of 1.0599/1.0625

Forex: EUR/USD still under 1.3000

After losing the 1.3000 handle during the European trade, particularly after the release of a disappointing March Sentix Investor Confidence in the Eurozone, the EUR/USD is finding 1.3000 as resistance to recovery. The pair continues playing under the level as investors in Europe go for lunch and the NY offices prepare for the opening.
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Forex: USD/CAD retracing Asian session gains

As crude oil prices suffered as the week started, so did the CAD, allowing the USD/CAD to move higher during the Asian session to as high as 1.0310. However, the market has been erasing those gains since then and is already moving around 1.0285 ahead of the US session.
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