Real money funds are said to be selling both [AUD/JPY] and [NZD/JPY]. The selling has pressured Aud/Usd into the 0.7420s, building on sales from a French name earlier. A US investment bank was spotted bidding the pair in some size in Asian hours, suggesting potential for stop-loss selling to add momentum to the move. The cross sales have undone the work of renewed commodities gains, but the main pair should find good dip bidding activity in anticipation the selling will wane, if not abate completely - the techs target the 84.90 in Aud/Jpy. Initial stops are likely in place under 0.7400-10, though the above implies downward momentum may cease before these are tested. Note a range of 0.7500 barriers with expiries ranging from this week to June.
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