The risk-off trade has become extremely over-populated in recent weeks and to contrarians like myself, yesterday’s price action felt like an exhaustive move.
I’m expecting the AUD, CAD and NZD to make a significant retracement against the JPY and the USD.
The one uncertainty still revolves around the GBP, with cable not really bouncing convincingly just yet. If this pair starts to turn then I really think the contra-move will pick up a lot of pace.
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