Australian Dollar Shows Signs of Important Reversal
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Trade Implications – AUDUSD:Last week we wrote that a breakabove month-to-date highs near $0.9360 was/is necessary to call for a significant Aussie Dollar bounce. And indeed, price is on the verge to breaking month-to-date highs as we see crowds have turned to sell into AUDUSD gains. A sustained break would leave us firmly bullish—particularly if we see crowds turn net-short.
See next currency section: SPX500 - S&P 500 Hesitates, but Further Gains Seem Likely
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.