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Forex Flash: FX majors poised to face mixed intraday outlook – UBS

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

Beginning with the USD/JPY, the latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. Initial resistance is at 98.20 ahead of the psychological 100.00. As for the GBP/USD, “the pair posted a new recovery high and tested the critical resistance at 1.5606, a closing break above this would open 1.5689. Support is at 1.5468.” Finally, regarding the USD/CHF, there is a critical support at 0.9207 ahead of 0.9150, while near-term resistance is at 0.9310 ahead of 0.9384.

Forex Flash: OIS raises chances of RBA rate cut, but TD stays on hold – TD Securities

Due to Australia’s building approvals fall by –5.5% m/m in March, below consensus expectation for a +1.0% gain, the OIS markets priced in a greater-than-even chance of a rate cut next week, but TD Securities analysts believe are less concerned and stay “on hold” as “the series is very volatile and the 3m annualized rate remains at a decent 155k (from 158k), in line with our housing starts forecast for the full year”, wrote analyst Alvin Pontoh. Building approvals decline was led by a drop in lumpy apartment approvals (-8%), while house approvals continued to rise
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Forex: USD/CAD erases gains back to 1.0069/74 area

The USD/CAD failed to proceed towards the upside, easing back after a high at 1.0089. The cross has erased its gains back to 1.0069/74 (Tuesday and Wednesday close) and is still close from April lows at 1.0050. Since April 24 that the market has been tumbling across the chart, from just below 1.0300 to find support at 1.0050, yesterday. Investors will be watching US and Canada trade balance data.
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