Forex: EUR/SEK testing weekly lows after Swedish data

The Swedish krona is stronger on Wednesday, orbiting around 8.4300 against the single currency on Wednesday after the trade surplus during January widened to SEK 6.0 billion from SEK 0.7 billion in the previous month.

The cross remains in the defensive path after the slightly hawkish tone from the Riksbank minutes on Tuesday, adding buying interest to the krona.

At the moment, the cross is up 0.02% at 8.4338 with the next resistance at 8.4899 (high Feb.21) ahead of 8.5000 (MA14d) and then 8.5300 (low Feb.5).
On the downside, a break below 8.4015 (low Feb.20) would allow 8.3943 (Lower Bollinger) and then 8,3107 (low Aug.31).

Feb 27, 2013

Forex Flash: GBP/USD on the defensive as downside in focus – UBS

In theory, the inconclusive Italian general election result could have provided a temporary respite for sterling. And it did - but only for a few hours. However, it was not long before parliamentary testimony from Bank of England policymakers soon had the pound on the defensive once again and sterling's slow grind lower continued overnight, eventually sending Cable sub-1.51.

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Feb 27, 2013

Forex Flash: GBP/USD to eventually ease towards 1.4853 - Commerzbank

Commerzbank analysts continue to expect a consolidative attempt following the huge sell off since the beginning of the year: “We note the TD perfection set up and the 13 count on the daily chart and the Elliot wave count is pointing to a 1.5265 and possibly 1.5380 correction ahead of further weakness”, wrote analyst Karen Jones. “We therefore suspect that we will see the market consolidate some of these losses ahead of further weakness”, she added.

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