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Australian Dollar at Significant Turning Point

Australian Dollar at Significant Turning Point

2014-05-09 15:05:00
David Rodriguez, Head of Product
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Australian Dollar at Significant Turning Point

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AUDUSDRetail traders have sold into the Australian Dollar’s recent bounce versus its US namesake, and a contrarian view of crowd sentiment leaves us in favor of further AUD gains.

Trade Implications – AUDUSD: Crowds recently turned net-short the AUDUSD for the first time since the pair topped near current levels in late April. Questions remain on whether the recent rally may be enough to take it to fresh peaks. And indeed it remains critical to watch the Australian Dollar’s next steps as it enters a key cyclical turn window.

A break higher would help confirm the important sentiment shift and leave us in favor of further strength. Continued failure may actually point to a more aggressive decline.

See next currency section: AUDUSD - Australian Dollar Downtrend Intact, We Like Selling

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

Australian Dollar at Significant 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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