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Australian Dollar Showing Signs of Bullish Continuation

Australian Dollar Showing Signs of Bullish Continuation

2013-10-10 17:04:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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ssi_aud-usd_body_x0000_i1038.png, Australian Dollar Showing Signs of Bullish Continuation

AUDUSDRetail forex traders are now net short the Australian Dollar against the US Dollar for the first time since April, suggesting that the AUDUSD rebound may have officially begun.

Trade Implications – AUDUSD: Traders have capitulated after the pair has rebounded over six and a half percent from its August lows and have embraced the potential technical turnaround. Ideally sentiment would drop further in line with a rise in price to confirm the bottom in AUDUSD before additional longs are taken, but we are increasingly bullish here.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

ssi_aud-usd_body_x0000_i1043.png, Australian Dollar Showing Signs of Bullish Continuation

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Contact Christopher via email at cvecchio@dailyfx.com.

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