Technical Breakdown Invites New AUD/USD Buyers
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
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