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AUDUSD– Retail FX traders remain heavily short the Australian Dollar, and overall the trend favors continued AUD/USD gains. Yet the most recent AUD/USD pullback has been met with aggressive retail buying—long interest is up 14 percent since yesterday.
The mixed signals give us a similarly unclear trading bias, and we will wait for a clear trend continuation or reversal before taking a strong stance on the AUD/USD.
See next currency section: XAUUSD - Gold Price Forecast May have Finally Turned
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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