Comments and forex-analytics from FBS Brokerage Company - page 14
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Commerzbank: EUR/GBP eroded long term resistance
The single currency bounced yesterday versus British pound breaking above the key resistance in the 0.8758 area. Technical analysts at Commerzbank note that euro has severed the long-term downtrend, introducing scope to 0.8935/45.
The specialists say that as long as the pair EUR/GBP is trading above the mentioned trend it has potential to advance to the 0.8935/45 area representing the 50% retracement of the decline from 2009 and the October 2010 maximum.
According to the bank, bullish pressure on euro will ease only below the short term uptrend at 0.8672 and the pair will be poised lower to 0.8605 then 0.8560.
Barclays Capital: Australian dollar may rise to 1.09
Analysts at Barclays Capital note that Australian dollar is under bullish pressure versus its US counterpart as long as it holds above 1.01. In the near term the pair AUD/USD is likely to fluctuate near the post-float maximums in the 1.0260 area. If Aussie decisively breaks up through these levels, it will get chance to climb to 1.0650 and 1.09 in the medium term.