Forex: AUD/USD extends the decline

FXstreet.com (Barcelona) - The Aussie dollar is clinging to the positive ground on Monday, prolonging its intraday correction and breaching the key support at 1.030.

“Plunge in gold price doesn't compel us to lower our AUD forecasts. We still see only modest slippage this year. Recent shift in market expectations back in favour of more easing limits the scope for rate cut(s) to bring AUD much lower”, commented Analyst Ray Attrill at NAB.

AUD/USD is up 0.02% at 1.0281 with the immediate resistance at 1.0358 (high Apr.19) followed by 1.0375 (hourly highs Apr.17) and finally 1.0399 (high Apr.16).
On the downside, a breach of 1.0277 (low Apr.19) would bring 1.0269 (low Apr.18) and then 1.0266 (low Mar.12).

Apr 22, 2013

Forex Flash: EUR/USD rebound from 1.3000 Is corrective – Commerzbank

Commerzbank analysts see the small rebound from 1.3000 as corrective and continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak. The support at 1.3000/1.2995 guards the 200 day ma at 1.2934 and the 1.2740 recent low. “Key support remains 1.2679/61, this is the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low. Above 1.3225 will indicate a deeper retracement to 1.3340 and possibly 1.3503 (not favored)”, wrote analyst Karen Jones.

Forex Flash: USD/JPY likely headed for 110.00 as G20 offers no deterrent – UBS

The USD/JPY is testing 100 this morning in Asia after the G20 meetings resulted in little criticism of Tokyo’s policies. According to the UBS Research Team, “We think the currency pair is likely to trade above 100 in the near term as Japanese investors start to shift more funds abroad and expect the yen to weaken to 110 by year end.”