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USD Fade Favouring AUD, NZD, Which Face Key Tech Tests

FOREX
  • Greenback fade resumes headed through early US hours, with EUR/USD returning toward earlier highs, but the losses are more notable among antipodean FX, with AUD and NZD retaining their place among the strongest in G10.
  • Latest leg higher in AUD/USD puts the pair at the 200-dma of 0.6565 - a level last topped meaningfully in November of last year, which presaged the solid rally up to the late December highs.
  • Similarly for NZD/USD, the pair is extending the streak of higher highs and higher lows, with 0.6183 looking likely to be tested. Recall we wrote yesterday of the improving NZD net position via CFTC data - which saw the NZD positioning Z-score at the highest among all currencies surveyed.
  • Markets added just over 2,500 in the week ending Feb 13th, putting the net position at 8.1% of open interest - just below the 52w high of 11.5%.
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