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Australian Dollar Shows Signs of Important Reversal

Australian Dollar Shows Signs of Important Reversal

David Rodriguez, Head of Product
Australian Dollar Shows Signs of Important Reversal

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AUDUSD The majority of traders remain long the Australian Dollar versus the US Dollar, but a recent shift in sentiment warns of a potentially significant turn in the AUD trend.

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

Australian Dollar Shows Signs of Important Reversal

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