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Forex Flash: Oil forming a very bearish pattern - FXA

FXstreet.com (Barcelona) - While NYMEX Oil is above the $96 mark, at fresh 1-month highs, according to Foreign Exchange Analytics analyst David Solin, Oil is nearing the “ceiling of a large triangle before final top is seen,” David anticipates.

“The market is forming a very similar, very bearish pattern as recently played out in copper,” he notes, adding: “Oil is also forming a large triangle/ pennant since the Jun 2012 low at $77.28, and in this case also suggests an eventual downside resolution of the base (currently at $89.75/00), back to that $77.28 and below,” he concludes.

Australia Feb Private Sector Credit (YoY) falls to 3.4% vs 3.6%

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Forex Flash: RBA to hold rates steady next – NAB

Next Tuesday the Reserve Bank of Australia will decide on interest rates. According to National Australia Bank the central bank will keep rates unchanged at 3% and an easing bias in the media statement. “Looking ahead for the rest of the year, the market is pricing about 20 basis points of easing for the next 12 months, a 80% probability of one more rate cut. In one sense that’s difficult to argue with, given the RBA’s rhetoric and comments about how its easing since November 2011 have gained some traction in consumer sentiment, housing and maybe retail,” the analysts said.
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