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Forex Flash: Commodity-based take a turn lower – UBS

FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.

In terms of the AUD/USD, “There’s scope for more downside with the trending indicators pointing south. Support is at 1.0202 ahead of 1.0115, while resistance is at 1.0359 ahead of 1.0398.” In addition, the USD/CAD indicators suggest a neutral outlook, as near-term resistance is at 1.0294 ahead of 1.0342. Moreover, support is at 1.0203 ahead of 1.01564.

Merkel wants EU countries to accept that Europe “has the last word”

German Chancellor Angela Merkel, who took part in an event organized by Deutsche Bank in Berlin on Monday, said that Eurozone Member States should be “prepared to cede control over certain policy domains to European institutions if the bloc is truly to overcome its debt crisis”, as Reuters reports.
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Forex: GBP/USD capped at 1.5257 after US existing home sales

The GBP/USD printed new highs today despite the narrow range as the market was trading the release of both US housing and EMU confidence. The first disappointed the market and the latter surprised on the upside. The pair was capped at 1.5257 high and profit taking has brought the price to 1.5240/45, as of writing, still above Friday’s close of 1.5230.
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