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Forex: EUR/USD back to 1.3400

The low volume market is pushing higher after the quick test of Friday's low area on the European opening. With a low printed at 1.3358, the EUR/USD first rose back to 1.3380/90 resistance and now has regressed to the 1.3400 mark, up by +0.23% on the day.

Investors will be watching if the market makes clean break above the psychological level, which would possibly allow an extended rise today.

“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.

UBS analysts are neutral: “The pair is under consolidation. The strong support is at 1.3270”, wrote analyst Geoffrey Yu, pointing to resistance at 1.3472 ahead of 1.3564.

Gold prices trading at $1663.76

Gold has been bias-less for the past few sessions, trading within a relatively tight sideways range. According to the Technical Analyst Team at ICN.com, “The yellow metal is currently testing the short-term ascending support, which if broken may see the downside move accelerate. Therefore, we will wait for a clear break below this support around 1665.00, before expecting further bearishness this week.”
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Forex Flash: AUD/USD should find buyers at 1.0200 this week – Westpac

According to the Westpac Strategy Team, “Ongoing local data weakness, lingering spec positioning overhang and RBA easing hints have helped produce weakness for the AUD/USD, culminating in fresh lows since October. However, with -50bp already priced by October and China data momentum intact into the lunar new year, the AUD/USD should find buyers towards 1.0200 on the week.”
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