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Forex Flash: Gilts hover near 20-day MA and support – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Gilts have stayed in a range between 20-day MA and 115.75 support level – a range breakout will be likely to determine further direction. There are no strong direction signals from the chart. However, as cross-market signals suggest, there is more likelihood of an upside breakout, which means a break of the 20-day moving average. As it was the main limiting factor for the market, a push higher would be likely to trigger a strong move to 117.20 onto possibly 117.78. Alternatively, a downside break would be a signal for a move to 115.67/51.”

WTI trading at $97.56/bbl

FXstreet.com (Barcelona) - “The double-bottom formation is under way on a 4h chart, as crude oil price’s rally from the 95.00 base, eventually breaking above the strong barrier and near-term congestion top at the 97.00 mark that also marks Fib 61.8% of 98.22/95.00 corrective pullback. A sustained break and close above 97.00 is required to confirm bulls back in play, as completion of double-bottom reversal pattern, would re-focus key barriers at 98.22 (30 January peak) and 98.54 (Fib 61.8% expansion of rally from 84.05, 07 Nov 2012 low).” writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
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Session Recap: Euro back above 1.3400, USD/JPY slumps

The euro bounced from levels dub-1.3400 and reached a high of 1.3465 versus the greenback mainly supported by crosses. However, EUR/USD failed to break above that level and saw a short-lived pullback. Meanwhile the yen has had a wild ride in the wake of G7 statement and subsequent clarifications. USD/JPY slid from the 94.40 area toward the 93.20 zone.
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