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Australian Dollar at Potential Turning Point

Australian Dollar at Potential Turning Point

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_17.png, Australian Dollar at Potential Turning Point

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AUDUSDRetail forex traders remain heavily long the Australian Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us focused on continued weakness.

Trade Implications AUDUSDThe majority of traders most recently turned long AUDUSD as it traded below $0.95, and the fact that crowds continue buying leaves the downtrend intact. Yet our Senior Technical Strategist notes that an AUDUSD close above $0.9160 would complete an important technical reversal pattern. Absent such a move, our trading bias will remain in favor of Aussie Dollar weakness.

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

ssi_aud-usd_body_Picture_10.png, Australian Dollar at Potential Turning Point

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

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