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Forex Flash: Commodity pairs bullish while crosses neutral - UBS

FXstreet.com (Barcelona) - UBS strategists Geoffrey Yu and Gareth Berry note that this mornings commodity pairs are technically bullish while EUR technical crosses are neutral ahead.

Starting with AUD/USD they are bullish on the pair and note that resistance can be found ahead at 1.0477, and a break above this would open 1.0599. They see support at 1.0333. Moving to USD/CAD, they note that they are bullish and that a break above 1.0296 would open 1.0366 and then 1.0477 and support is at 1.0181. Shifting to EUR crosses, they begin with EUR/CHF and comment that they are neutral on the pair and that a break above 1.0296 would open 1.0366 and then 1.0447. They see support is at 1.0181. Moving to EUR/GBP, they are neutral and see strong support at 0.8445, with a closing break below representing a bearish development. They see resistance at 0.8602 ahead of 0.8676. Finally, they look to EUR/JPY and comment that they are neutral ahead. They see near-term support at 121.15, and a break below would expose 118.73. They see resistance at 124.50 ahead of 126.04.

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Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ believes that the Cyprus agreement should help to support the euro in the near-term helping to prevent a more sustained EUR/USD break below the 1.3000-level.
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UK: BBA Mortgage Approvals down to 30.5K in February, against expectations

The number of home loans issued by the British Bankers' Association (BBA) dropped to 30.5K in February, from 32K registered the previous month, according to the official release. Analysts expected a rise to 33.6K.
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