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Forex pairs in this Article » AUD/USD, EUR/GBP, EUR/USD, GBP/USD, USD/JPY (Barcelona) - OCBC Bank strategist Emmanuel Ng believes that there is a prevailing risk on attitude in the market today.

Looking to EURUSD he notes that the pair climbed above 1.3350 on Thursday as background Eurozone concerns continued to be put on the back burner. In the near term, he is expecting the pair to continue to test the 1.3400 ceiling with first support expected towards the 55 day MA.

Pivoting to the UK, Ng continues to explain that Cable chopped around on Thursday before ending on the wrong side of 1.6000 while the EURGBP broke above 0.8350 as EUR strode higher. In his view, with macro concerns still circulating, GBPUSD may remain on a slippery slope and the 200 day MA (1.5910) may act as a beacon for the pair with 1.6000 now serving as a first resistance.

Looking to AUDUSD, Ng notes that the pair tripped in the wake of the disappointing labour market report, to test briefly below 1.0500, but the pair managed to partially retrace. He adds that the 1.0600 ceiling remains largely unmolested in the interim and the next catalyst may have to come from the Chinese data this morning. He writes, "in the interim expect AUDUSD to be bordered by the 55 day MA at 1.0457 and 1.0611 on the topside .

Looking to USDJPY, Ng notes that the pair bounced back with a vengeance, taking out 89.00 and then 90.00 during the NY session. With official Japanese rhetoric once again in sync, he is looking for the market preference towards a bearish JPY to remain very much in vogue. He notes however that any disappointment from next week's BOJ meeting may trigger another attempt to retrace lower. In the interim, the USD-JPY may continue to trade in the upper reaches of a 88.00-90.45 band.
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