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FOREX
FOREX: MNI FX Technical Signal Monitor - Antipodeans Bearish
There has been a big shift in the Antipodeans after the RBNZ unexpectedly cut
the OCR by 50bps to 1.00% overnight.
- NZDUSD down 12 of the last 13 sessions slammed through 0.6400 to 0.6378, its
lowest levels since Jan 2016. Kiwi technicals have turned in the past week from
a balanced outlook to bearish. Note, NZDUSD remains heavily oversold with an RSI
reading of 23.
- AUDUSD & AUDJPY are currently generating a clean sweep of bearish signals,
according to the MNI FX Technical Signal Monitor.
- AUDUSD down 13 of the last 14 sessions printed 10-year lows of 0.6677.
- AUDCHF based at 0.6508 and is currently charting a hammer candle which is
normally a bullish reversal pattern.
- USDCAD is starting to display a more positive outlook, but will need a close
above the 100 & 200-dma's to cement the uptrend. The move coincided with Brent
which is currently in bear market territory, down +20% off the April 25 peak.
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