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Is this Australian Dollar Rally the Real Deal? Probably Not

Is this Australian Dollar Rally the Real Deal? Probably Not

David Rodriguez, Head of Product

- Australian Dollar trades at critical resistance, fails to break higher

- Strong disconnect from Gold prices warns Aussie$ rallies may be at risk

- Sharp shift in retail FX sentiment warns we’re at make-or-break levels

The Australian Dollar trades at critical trendline and moving average resistance versus the US Dollar. But key FX correlations suggest it will run out of steam.

Follow any updates on the Australian Dollar and other currencies via the DailyFX Forex Realtime News Feed, and sign up for research via e-mail via this author’s distribution list.

Forex Correlations SummaryView forex correlations to the S&P 500, S&P Volatility Index (VIX), Crude Oil Futures prices, US Treasury Yields, and Spot Gold prices.

forex-trading-Australian-Dollar-forecast-to-stall-at-critical-resistance_body_Picture_5.png, Is this Australian Dollar Rally the Real Deal? Probably Not

Data source: Bloomberg. Chart source: R SEE GUIDE ON READING THE ABOVE CHART

--- Written by David Rodriguez, Quantitative Strategist for David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.

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