At the start of a new quarter, the AUD is taking centre stage. AUD/NZD appears to have completed a huge Head and Shoulders top and conservatively threatens to revisit its 2011 low. However, confirming evidence for AUD weakness elsewhere (EUR/AUD closing above 1.2420, AUD/USD dropping below 1.0215 and AUD/CAD closing below 0.9975) during October would suggest a major decline is under way.
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Barclays Capital