AUDUSD – The Australian Dollar is at a potentially significant crossroads, and two key factors suggest a break above $0.9450 would spark a much larger rally.
Trade Implications – AUDUSD: Yesterday we highlighted a major spike in real FX volume as signal that the Aussie was on pace for a major test of key highs, and the pair has thus far failed to break to new peaks. Retail positioning remains near its most net-short AUDUSD since the pair set a number of intermediate peaks over the past three months.
Continued failure at these levels leaves the Aussie set up for a test of major support near $0.9320.
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