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Australian Dollar Shows Early Signs of Turnaround

Australian Dollar Shows Early Signs of Turnaround

David Rodriguez, Head of Product
Australian Dollar Shows Early Signs of Turnaround

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AUDUSD A recent shift in retail FX trader positions warns that the Australian Dollar may be at an important turning point.

Trade Implications – AUDUSD:The majority of traders in our sample have remained long the Australian Dollar as it failed to break above $0.9500 in July, and said fact has acted as steady contrarian signal in favor of AUDUSD weakness. Yet long positions actually declined by 5 percent since last week, while short positions are up 10 percent through the same stretch. It’s early, but a continued shift towards crowd selling and a shift to a net-short position would turn us bullish the Australian Dollar.

See next currency section: NZDUSD - New Zealand Dollar Rally has a Fighting Chance

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

Australian Dollar Shows Early Signs of Turnaround

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

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