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Forex Flash: Gilts look to extend weakness after Fibonacci support – RBS

FXstreet.com (Barcelona) - Gilts led the way down after taking out 20-day MA and breaking the 119.00 support level. According to Technical Strategist Dmytro Bondar at RBS, “The price however reached a good support region of 118.61/71 formed by the 123.6% Fibonacci projection from the March impulse wave and a filled-not-closed gap from 27 March.”

Moreover, “There would likely to be a good reaction from the 118.61/70 region towards 119.27, but if the 118.61 level is broken, a new wave of a selloff might be triggered to the 118.02 polarity level. Below that support would be expected at 117.43. A sustained recovery above 119.27 brings back the bulls.” Bondar adds.

Forex Flash: EUR/AUD faces headwinds from ECB – ANZ

The ECB’s post-meeting comments last week on negative deposit rates could become a headwind for the EUR/AUD. According to FX Strategist Andrew Salter at ANZ, “A negative deposit rate is not a credible or expected policy at this stage. However, it is a ‘shot across the bow’ to foreign exchange markets.”
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