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  • Following this week’s analysis, the start of the week’s call and  yesterday’s call, have so far  played out.
  • Today, we will have China’s trade balance as well as the RBNZ whilst keeping an ear to the ground for trade noise.
  • However, from a TA basis, bears still need to break down the  38.2% Fibo and recent lows need to give before  price can target the  Ichimoku cloud bottom and 4th Jan lows confluence on a test of the 50% Fibo target at 75.80-ish.  
  • Stochastics are the hurdle and lean bullish.
  • On the upside, the cloud resistance comes in at the collection of the moving averages with 78.00/50 a key area that meets the 23.6% Fibo.

Daily chart