The technical conditions for a significant AUD/NZD top have been apparent for a while and the rate cut in Australia this morning could be the catalyst that finally sparks a reversal of the recent uptrend; price below 1.3060 is needed to confirm. Meanwhile the waiting game in Europe continues, but from the price action yesterday it seems that the US timezone is of a mind to continue selling the euro, which is keeping the currency vulnerable on the crosses as well.
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BARCLAYS CAPITAL
TECHNICAL RESEARCH