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Forex Flash: Majors look neutral ahead - UBS

FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at today´s majors and see that the outlook is broadly neutral ahead.

Starting with EUR/USD, they are neutral, and note that resistance is at 1.3108, and a break above this would open the more critical 1.3202 and then 1.3232. They see that support is at 1.2955 and 1.2920, and a breach here would be a bearish development. Looking to USD/JPY, they are neutral too, and note that the latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. They see resistance is ahead at the psychological 100.00. Finally, they are bullish GBP/USD and note that the pair has posted a new recovery high and is approaching resistance at 1.5550. They see that the next major resistance is at 1.5606, a break above this would open 1.5689. They see support is at 1.5419 ahead of 1.5361.

Forex Flash: Australia budget deficit estimates creeping up to 1.7% of GDP – TD Securities

Concerns regarding the Australian budget are getting louder as the Budget is brought down on May 14. In October, the Treasury was pointing to a surplus of+ $A1b or +0.1% of GDP for this year 2012/13, but estimates are creeping up to -$A25b, or –1.7% of GDP, or higher, with a projection a substantial $A12b shortfall in revenues compared with October. “With debt rising to $A300b or only 20% of GDP it shouldn’t rattle Australia's AAA status, however, but a medium-term return to surplus (a la Canada) is required to keep Australia off the credit ratings radar”, wrote TD Securities analyst Annette Beacher.
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Forex Flash: What does the EUR/USD have to offer? – Westpac, Commerzbank and UBS

The single currency is prolonging its march north on Monday, flirting with the key mark at 1.3100 as risk appetite is prevailing in the global markets after the Italian elections...
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