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Forex: AUD/USD extending its decline, around 1.0285/90

The Aussie dollar is falling further on Monday, dragged to session lows around 1.0285/80 as risk-off tone is intensifying. Poor domestic data out of the Home Loans are also playing its role in today’s descent, contracting 1.5% during December vs. +0.2% forecasted.

“Ongoing local data weakness, lingering spec positioning overhang and RBA easing hints have helped produce lows since Oct… AUD/USD should find buyers towards 1.02 on the week”, suggests Sean Callow, analyst at Westpac.

As of writing, the cross is down 0.21% at 1.0290 facing the next support at 1.0256 (low Feb.8) and then 1.0236 (low Oct.23).
On the flip side, a breakout of 1.0345 (low Dec.26) would clear the path to 1.0361 (low Feb.1) and finally 1.0387 (MA10d).

Forex Flash: GBP/USD may rebound to 1.5913 before resuming downtrend - Commerzbank

Having eroded the accelerated downtrend and reached the 20 day ma at 1.5811, Commerzbank analysts believe the GBP/USD may extend the rebound from 1.5642 (2009-2013 uptrend) even further: “The Elliott wave count on the daily chart is suggesting that we allow for the possibility of a deeper retracement towards 1.5913 and possibly 1.6000, the 38.2% and 50% retracements of the move seen this year. However we then look for failure and a retest of the trend line”, wrote analyst Karen Jones, favoring a break below here to 1.5271/35 (2012 low) in the longer term.
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Forex Flash: CAD faces corrective forces in coming days – BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that an upside reversal of the US dollar was seen on Thursday and follow through buying was seen before the weekend.
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