A speculative short term, countertrend view. An opportunity to buy into a pair that is approaching oversold conditions may be opening up. The trend has been down with the sellers having acted aggressively on the back of macro drivers (i.e. China/commodities, bond yield differentials etc). At current levels, the pair is trading at the lower boundary of it's 50-day linear regression trend i.e. 2 standard deviations. The 7-day RSI is at 14 which is the lowest short term reading since December 2021. While the pair could trade at lower levels before developing a bullish reversal, the reward-to-risk appears appears appealing for traders looking for a potential oversold rebound. Time Stop: 29 September 2023