Market focussing on the crosses

The USD remains very bearish against the JPY and the EUR and the USD bulls have a lot of work to do before they can turn those trends around.

In the meantime, we have seen some big adjustments on the crosses led by lower commodity currencies. This is playing out more and more like a typical risk-off set up, with the JPY and EUR rising first and then the AUD, GBP, CAD etc starting to fall.

Yesterdays RBA move will have speeded up the necessity/urge to sell the AUD and the other commodity currencies then followed suit.

I will update my favoured trades shortly. Good luck today.

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