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Australian Dollar – The Australian Dollar remains resilient versus the US Dollar, but signs of an important shift in sentiment as well as a key cyclical turn window warn of a potential AUDUSD top.
Trade Implications – AUDUSD: Retail crowds most recently turned net-short the AUDUSD as it traded above the $0.9200 mark, and fairly consistent selling has kept us consistently in favor of Aussie Dollar strength. Yet long interest has risen a notable 12 percent since last week as the AUD stalls at highs. The significant cyclical turn window suggests a turn could come through the foreseeable future.
See next currency section:EURUSD – Euro Remains in the Driver’s Seat versus US Dollar
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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