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Forex: USD/SGD edges lower during quiet trading in Asia

FXstreet.com (Barcelona) - The USD/SGD is trading flat during the Asia session at 1.2310. It will be a quiet session on the economic front with Foreign Reserves due out of SGD at 9:00GMT. The upcoming US session will also be quiet with the main IBD/TIPP Economic Optimism due out at 14:00GMT

From a technical perspective, the head & shoulders pattern which was completed on the daily chart (April 29th) remains intact and has longer term measured move price target down near 1.2210. The short term moving averages remain bearish and should act as firm resistance on any advances in the coming session. Initial resistance sits at 1.2330 (the 200dma), followed by 1.2362 (the 20dma). First support sits at 1.2289 (previous day low), followed by 1.2269 (previous resistance, now support on daily chart).

Forex: AUD/USD remains in narrow range after Trade Balance data

The GBP/JPY is leaking lower in the Asian session, down 61 pips at 153.79 . Economic data out of both Japan and the UK will be light in the coming sessions which could keep the pair in a narrow range as the day progresses. It will be important to monitor the 153.50 level which was previous resistance on the daily chart, and now should act as firm support.
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Forex Flash: AUD/CAD squeeze higher remains - TDS

Moments ahead of key RBA interest rate statement today at 04:30 GMT, “We still think the market formed a major short-term low/reversal (strong, bullish “morning star” reversal) last week” on AUD/CAD, the Toronto based FX Research Team at TD Securities said, adding: “and while the 1.0307 low point remains intact, the risk of a squeeze higher remains,” the analyst conclude.
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