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Forex Flash: What can we do with the EUR/USD? – Commerzbank and UBS

FXstreet.com (Barcelona) - The bloc currency is making its way through the 1.3100 handle on Wednesday, as markets remain risk-friendly so far after the upbeat data from the Chinese trade surplus. Ahead in the day, German data would be in the limelight after yesterday’s boost in the factory orders.

In the view of the German lender Commerzbank, both in the short and medium terms the cross remains tilted to the downside. Karen Jones, Head of FICC Technical Analysis, commented “It continues to sit on the 55 day ma at 1.3017 and the 200 day ma at 1.2985. Directly overhead lies hefty resistance at 1.3225/43 (50% retracement and last Wednesday’s high). A break back below the 200 day moving average at 1.2985 will undermine near term stability”.

In contrast, UBS keeps the neutral bias on the cross. Strategists G.Berry and G.Yu suggested that “Initial support is at 1.3033, a break below this would expose 1.2995 and then 1.2936. Resistance is at 1.3159 ahead of 1.3243”.

Forex Flash: RBA surprises - OCBC Bank

Emmanuel Ng of OCBC Bank notes that the majors put in a mixed showing against the dollar on Tuesday with the AUD (and NZD) sabotaged by the RBA’s surprise rate cut and trailing across G10 space.
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Forex: NZD/USD breaks lower towards 0.8400 in uneven trading

The NZD/USD has witnessed a violent decline, in conjunction with sporadic pricing overnight and into the European session Wednesday. These moves come on the heels of action across the antipodean economies, characterized by a staunch volume increase in the NZD. Clearly the kiwi has been on the receiving end of a punishment that left the cross whipped, trading at calculated support.
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