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Risk Sentiment Jumps Ahead Of NFPs, Short-Term Correction Ahead

The slew of developments from earlier this morning sparked as sharp rise in risk sentiment, but the major currencies look poised for a short-term correction as the market reaction remains overextended. Nevertheless, I am still waiting to short the AUD/NZD as its fails to trade back within the upward trend from September, but we may see the pair continue to consolidate before it breaks to the downside as price action holds above the 20-Day SMA (1.3110).

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