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AUD/NZD Bulls are losing momentum

AUD/NZD 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/NZD depreciation is there.

USD/JPY: Yen bolstered on awful China PMI, risk-off at full steam

The USD/JPY pair met fresh supply near 120.20 region and dropped sharply to lows below 120 handle following the release of the much awaited Chinese manufacturing PMI data which disappointed markets big time.
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