AUDUSD – Retail traders continue selling into Australian Dollar strength against its US namesake, and our sentiment-based Momentum2 system remains long in expectation of further gains.
Trade Implications – AUDUSD: Past performance is not indicative of future results, but the Momentum2 system has caught a number of key turning points in AUDUSD through recent trading. Said system most recently bought AUDUSD from $1.0296 as retail traders sold into the nascent Aussie Dollar bounce. Our Senior Technical Strategist warns that the AUDUSD will see important resistance at $1.05, but we remain bullish until we see clear signs of downside reversal.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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