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Australian Dollar Likely Set Important Price Top

Australian Dollar Likely Set Important Price Top

David Rodriguez, Head of Product
Australian Dollar Likely Set Important Price Top

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AUDUSD The Australian Dollar likely set an important price top at 8-month highs as a noteworthy shift in crowd sentiment favors further AUDUSD declines.

Trade Implications – AUDUSD: Last week we noted that a shift in crowd sentiment left retail FX traders long the AUD as it traded off of key peaks, and indeed that acted as confirmation that the pair may have topped near $0.9500. We’re watching these technical setups for potential trade opportunities going forward.

See next currency section: GOLD - Gold Prices Target Yearly Highs Near $1390

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

Australian Dollar Likely Set Important Price Top

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

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