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Australian Dollar at Major Crossroads for Two Reasons

Australian Dollar at Major Crossroads for Two Reasons

2014-07-24 15:15:00
David Rodriguez, Head of Business Development
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Australian Dollar at Major Crossroads for Two Reasons

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AUDUSD The Australian Dollar is at a potentially significant crossroads, and two key factors suggest a break above $0.9450 would spark a much larger rally.

Trade Implications – AUDUSD: Yesterday we highlighted a major spike in real FX volume as signal that the Aussie was on pace for a major test of key highs, and the pair has thus far failed to break to new peaks. Retail positioning remains near its most net-short AUDUSD since the pair set a number of intermediate peaks over the past three months.

Continued failure at these levels leaves the Aussie set up for a test of major support near $0.9320.

See next currency section: SPX500 - Smooth Sailing Ahead for ‘Unbreakable’ S&P 500

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

Australian Dollar at Major Crossroads for Two Reasons

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