Forex Flash: USD/CAD consolidating ahead of a push to the upper 1.03 area – TD Securities

FXstreet.com (Barcelona) - TD Securities analysts are cautious on the broader outlook for risk as the trend in soft or softer than expected US data should continue with today’s US durable goods data. “The pattern over the past few years has been for early year exuberance in risk markets to reverse sharply through the spring, reflecting disappointment over the performance of the US economy”, wrote analysts Shaun Osborne and Greg Moore, adding that the run up in risk and the run down in the US data look eerily familiar. In regard to the USD/CAD, the cross is struggling to push on through selling interest in the upper 1.02 area but the broader trend remains positive and “we view the market as consolidating ahead of another push higher”. “Below 1.0260, there is a chance that spot drops back to the low 1.02 support zone but while support holds, we continue to look for a quick-ish push to the upper 1.03 area”, the analysts concluded.

Apr 24, 2013

Forex: AUD/USD stalls ahead of 1.0300

The Australian dollar remains under pressure versus the greenback, weighed by soft global data and growing expectations of a rate cut by the RBA. However, after sliding to the 1.0230 area, AUD/USD managed to bounce and turned positive for the day, climbing over 60 pips from lows before the recovery stalled just shy of 1.0300.

Forex Flash: Gilts face reversal – RBS

According to Dmytro Bondar, a Technical Strategist at RBS, “Gilts met the initial target of 119.93 but fell short of 120.52 and formed a major reversal candlestick pattern (higher high, lower low, lower close) known as an outside session. It changes the view and suggests that should the 20-day MA and 119.27 level be broken, there would be strong chances of turning bearish with targets of 119.00 and 118.61. A sustained price above 120.00 makes it constructive again.”