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Forex Flash: AUD/USD potential upside ahead – Danske Bank

FXstreet.com (Barcelona) - Renewed buying interest has pushed the Aussie dollar to fresh intraday highs above 1.0420 on Monday, as risk appetite was taking over the market sentiment. The cross is thus recovering from overnight lows in the vicinity of 1.0350.

Analysts at Danske Bank suggest that the double top formation at the end of March/start of April around 1.0500 would trigger a correction higher in the next periods.
“Price congestion may persist in the short term but further weakness should be contained by strong support in the 1.0375/32 area… Clearing the 1.0497/98 highs will signal the resumption of the prior up-trend, opening the way for a return to the 2013 peak (10 January) at 1.0599, just ahead of the 14 September 2012 high at 1.0625”, concluded the experts.

Forex: USD/CAD recovers the mark of 1.0170/72

The USD/CAD has oscillated in a rather narrow consolidation Monday, having spanned only 31 pips (1.0155 – 1.0186). After recently rebounding off of a session low, the pair is now trading at 1.0170/72, incurring a loss of -0.09%.
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Forex: USD/JPY consolidates below 99.00

Despite Friday's NFP lackluster data, the USD has continued to strengthen against the yen, having reached a 4-year high during the European session as the BoJ embarks on bold stimulus plan.
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