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Forex Flash: We still rather think risks are skewed to the upside in EUR/USD – TD Securities

FXstreet.com (Barcelona) - The EUR/USD continues to trade in a narrow range as market participants await the ECB Monetary Policy meeting coming up on May 2nd.

According to Shaun Osborn, Chief FX Strategist at TD Securities, “We still rather think risks are skewed to the upside from a directional point of view as EUR/USD seems to be consolidating in a bull flag or wedge formation and has still to work off the oversold condition on the oscillators from the February/March drop. A push through 1.3075/25 next week would be bullish, we think.”

Furthermore he added, “Longer-term price patterns are still flashing mixed signals. On the one hand, the late 2012 bullish break out remains intact and continues to suggest the potential at least for gains. On the other, price action over the last six months also takes the form of a (still-developing) H&S top (1.2768 neckline). Longer-term oscillators are also flashing oversold but are correcting (a bullish sign). We are struggling to tease out the broader direction here from a technical point of view at the moment.”

Forex Flash: Federal Reserve to exit first unconventional monetary policy - UBS

According to Mansoor Mohi-uddin, Head of Foreign Exchange Strategy at UBS: “America's weaker than expected Q1 GDP print has raised concerns that this year's fiscal cuts may also result in another summer slowdown,” the analyst notes, adding: “Such fears are holding back our bullish view on the dollar for now.”
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Forex: AUD/JPY edging lower towards support at 99.90

The AUD/JPY is trading in a narrow range so far during the Asia session, down 39 pips at 100.35. Economic data will be light in the coming session with both China and Japan closed for the day. Later on in the day we will get CPI data out of Germany and Pending Home Sales out of the US.
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