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AUD/JPY Bulls are losing momentum

AUD/JPY sellers stood their ground and buyers retreated in recent sessions as MACD (26, 12, 9) has fallen off below its median line.

On a 4hr chart, this technical condition may be taken by many trend-following traders as a trigger to liquidate long positions.

The fact that the MACD hasn't been under zero for at least one week of trading, reinforces the argument that room for further AUD/JPY depreciation is there.

GBP/USD offlows, but weak ahead of UK data

The GBP/USD fell to a low of 1.5037 before recovering slightly to 1.5047 in early Europe as investors await the UK industrial and manufacturing production release.
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Has the correction in AUD/USD run its course?

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