Within the recent bout of risk aversion we are seeing sings of a near-term bounce as investors take profits. The S&P 500 is finding interim buying interest over its daily cloud and the down move in base metals is stalling against stretched momentum studies. The AUD has thus far been a key beneficiary in FX space, with scope for a pullback seen against AUD/USD as well as numerous AUD crosses. Decisive range breaks in GBP/AUD and EUR/AUD would confirm a pullback within their greater up-trends.
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Barclays Capital