AUD Signal: Neutral
AUD: The recently sharp pullback in the AUDUSD has coincided with a similarly pronounced paring of net-speculative AUD longs. Given that bullish sentiment is far from extreme, we believe that the AUDUSD has further room to run before a major reversal. Yet we likewise caution that recent highs have seen a very notable bearish divergence with speculative sentiment. Our mixed assessment nonetheless leaves us with little choice but to expect further AUDUSD gains through the medium term.