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Forex: AUD/USD upside capped at 1.0480

FXstreet.com (Barcelona) - 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.

“Markets are pricing -18bp from the RBA cash rate by Dec, having toyed with levels around -16bp Monday as risk appetite peaked”, signals Sean Callow, Strategist at Westpac.

At the moment, the pair is up 0.16% at 1.0473
Next resistance levels line up at 1.0555 (high Jan.24) ahead of 1.0560 (hourly high/lows Jan.23) and finally 1.0578 (high Jan.22).
On the downside, a breach of 1.0408 (MA100d) would bring 1.0389 (MA10d) and then 1.0363 (low Mar.21).

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

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.
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