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One Eye Brexit, Other on China

The China Shanghai Composite has carved out a narrowing, sideways digestion pattern since its Jan low at 2638.30, which could be a base, but acts like a bearish digestion period ahead of another downleg to new low territory.

If the economic data released today means anything, then it supports a bearish outcome to the sideways digestion period and argues for upside continuation in the USD vs the YUAN (further depreciation of the YUAN).

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