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Technical Breakdown Invites New AUD/USD Buyers

Technical Breakdown Invites New AUD/USD Buyers

Christopher Vecchio, CFA, Senior Strategist
ssi_aud-usd_body_x0000_i1034.png, Technical Breakdown Invites New AUD/USD Buyers

AUDUSDRetail forex traders are now their most net-long the Australian Dollar since the pair bottomed near the $0.8900 mark in September.

Trade Implications – AUDUSD: The technical congestion that’s defined the AUDUSD since mid-December has broken to the downside through 0.8815/20, and the recent shift in retail positioning gives confidence to further losses. After the AUDUSD slumped back below $0.8900 after its NFP-fueled rally, the retail crowd began reducing shorts and adding longs. That trend has continued as the AUDUSD has broken below the 2013 lows, suggesting that further losses may be in store.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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