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Forex Flash: EUR/USD might rebound to 1.3100/80 before heading lower - Commerzbank

FXstreet.com (Barcelona) - A tepid rebound should still allow a possible move to 1.3100/80 “before we head lower, but our propensity is to sell ahead of here”, according to Commerzbank analysts. “We have a number of resistances converging around circa 1.3037/50 – the 23.6% retracement. All of which suggest that the market has resumed its down trend”, wrote analyst Karen Jones, pointing to the erosion of the 200 day moving average and a slide to 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “Still longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.

Forex: AUD/USD upside capped at 1.0480

The Aussie dollar is extending its momentum on Tuesday, orbiting around 1.0470 after another failed attempt to break above 1.0480, which acted as a tough barrier for AUD bulls on Monday as well...
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Forex: USD/JPY moves to lower band of daily range 94.11/45

The USD/JPY dropped to as low as 93.54 for Fed’s Bernanke speech yesterday, then bouncing back to 94.00 ground. Sidelined between 94.11 and 94.45, the pair is currently moving to the lower band of the range.
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