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  • $EURUSD is currently setting fresh intraday highs above the 1.2080 level, edging above the highs set earlier in the week to hit its highest level since early March. $EUR $USD https://t.co/wcARbp81Et
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  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
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  • What is going on in crypto recently? It's like everyone got an email from the IRS at the same time that said they are aware of their crypto profits and they are taxable...
Australian Dollar Chops us Out - Standing Pat Until it Breaks

Australian Dollar Chops us Out - Standing Pat Until it Breaks

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_17.png, Australian Dollar Chops us Out - Standing Pat Until it Breaks

AUDUSD – Extremely choppy price action has forced similarly indecisive moves in our retail trader-based measure of forex positioning, and our sentiment-based strategies are flat until we see bigger swings in price.

Trade Implications – AUDUSD: In the past two weeks we’ve been chopped out of both an AUDUSD-long and an AUDUSD-short position as the pair continues to frustrate our trend-following Momentum2 system. I had previously cited the fact that Momentum2 had caught several key turns in the AUD as a major reason to follow the system’s trades, but I always use the same caveat—past performance is not indicative of future results.

Indeed we might see our sentiment-based strategies continue to get chopped out until the AUDUSD breaks out of its narrowing trading range. Key support is $1.04, while important resistance is $1.05. We’ll need a decisive break of either to get some good trend-based trades.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

ssi_aud-usd_body_1a_5.png, Australian Dollar Chops us Out - Standing Pat Until it Breaks

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

New to FX markets? Learn more in our video trading guide.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

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

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