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Australian dollar – Retail FX traders remain short the Australian Dollar versus its US namesake, but a recent shift towards buying warns of a potentially important AUDUSD turn.
Trade Implications – AUDUSD: Past performance is NOT indicative of future results, but our SSI-based Momentum2 strategy has done well trading the AUDUSD. It most recently sold the Australian Dollar from $0.9654 as crowds bought into weakness. Our Senior Technical Strategist underlines the risk of an important turn lower in the AUDUSD, and a break below $0.9510 would help confirm a key top.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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