Antipodeans still trying to re-start the retracements
Tech related risk and central banks in the mix, along with extreme short positioning
With risk sentiment still attempting to steady – semiconductors trying to break the Oct downtrend, and the likes of copper also attempting to lift, while Nasdaq also looking to turn off the Aug+ range lows – a scenario of both USD and antipodeans being positive correlated remains in place.
IMM data showed both kiwi and aussie at extreme shorts, latter an all time one, giving some positional backdrop to the action. Both AUD/USD and NZD/USD have been range consolidating the correction, and above last week’s highs, currently being tested, would look to higher retracements. Around 0.7065~ and 0.5725 next respectively. Central bank meetings and material data in the mix this week too.