Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
AUD/USD Retail Crowd Remains Net-Long at Key Support

AUD/USD Retail Crowd Remains Net-Long at Key Support

David Song, Strategist

Talking Points:

- AUD/USD Sits at Key Support- Retail Crowd Remains Net-Long.

- USD/CAD Preserves Near-Term Range Despite Strong Canada Building Permits, Housing Starts.

- USDOLLAR Outlook Hinges on NFP Report- IMF Favors Fed Rate Hike in 2016.

For more updates, sign up for David's e-mail distribution list.


AUD/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • AUD/USD continues to hold above key support around 0.7570 (50% expansion) to 0.7590 (100% expansion); still waiting for a close below the region to raise the risk for fresh 2015 lows in the exchange rate.
  • Despite the expansion in China’s Trade Balance, the 18.1% decline in imports may become a growing concern for the Reserve Bank of Australia (RBA) amid ongoing weakness in non-mining business investments.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long AUD/USD since May 15, with the ratio still holding near extremes as it currently stands at +2.60.


USD/CAD Daily Chart
  • Will keep a close eye on the near-term range in USD/CAD as the better-than-expected data prints coming out of Canada fails to spur a break of support around 1.2360 (38.2% retracement) to 1.2380 (50% retracement).
  • Seems as though we need a more material shift in the Bank of Canada’s (BoC) forward-guidance for monetary policy to favor a bullish outlook for the loonie as Governor Stephen Poloz continues to endorse a wait-and-see approach.
  • The failed break of the monthly opening range may lead to a further consolidation in the exchange rate; need a break/close above 1.2540-50 (23.6% retracement) to favor a resumption of the long-term bullish trend.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Kiwi Trades at Near 5-Year Low

COT-Biggest Change in Australian Dollar Positions Since Oct 2014

USDOLLAR(Ticker: USDollar):

IndexLastHighLowDaily Change (%)Daily Range (% of ATR)
DJ-FXCM Dollar Index11954.3212004.0711948.56-0.3079.37%
USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar continues to give back the advance following the 280K expansion in U.S. Non-Farm Payrolls (NFP); remains at risk for a further consolidation ahead of the Fed’s June 17 interest rate decision following the failed test of 12,049 (78.6% retracement).
  • Uptick in Labor Participation paired with stronger wage growth raises the scope for Fed liftoff in September, but will keep a close eye on the U.S. Advance Retail Sales report amid the ongoing weakness in private-sector consumption.
  • Need a break/close above 12,049 (78.6% retracement) to favor a further advance, with near-term support coming in around 11,826 (61.8% expansion) to 11,843 (38.2 retracement) on the radar.

Join DailyFX on Demand for Real-Time SSI Updates!

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.