Australian Dollar at Potential Turning Point
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AUDUSD –Retail forex traders remain heavily long the Australian Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us focused on continued weakness.
Trade Implications AUDUSD – The majority of traders most recently turned long AUDUSD as it traded below $0.95, and the fact that crowds continue buying leaves the downtrend intact. Yet our Senior Technical Strategist notes that an AUDUSD close above $0.9160 would complete an important technical reversal pattern. Absent such a move, our trading bias will remain in favor of Aussie Dollar weakness.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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