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Forex Flash: AUD/USD bearish while below 1.0291 - Commerzbank

Commerzbank analysts see the AUD/USD falling, now collapsing into 7 month lows. “The 1.0149 October 2012 low has been eroded. Our longer term target is 0.9805, the 2011-2012 support line and then 0.9404 the 2009 peak”, wrote analyst Karen Jones, watching a market directly offered below the 1.0291 resistance line. Above it, there is tougher resistance at 1.0375/80 and at 1.0402 the 55 day ma.

In terms of a medium term perspective, Commerzbank analysts are “looking for a slide back to 1.0000 to unfold, then the base of an 20 month converging range (currently located at 0.9805)”.

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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Forex: AUD/USD recovers from 8-month low

The Australian dollar has managed to trim part of its steep losses against the dollar during the European session, after a sharp sell-off sent the AUD/USD to a new 8-month low of 1.0114.
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