The Australian dollar continues to weaken against a powerful US dollar with AUD/USD now pressing down on a notable multi-month support level. Get your market update from nickcawley1 here:
with AUD/USD now pressing down on a notable multi-month support level. This level, either side of 0.7000, has held three tests over the past 15-months but is now looking vulnerable against a strong greenback. The US dollar has been moving higher since November last year and it continues to push higher, given extra strength by this week’s hawkishNext week sees the Australian central bank announce its latest monetary policy update.
The daily chart shows the 0.7000 level under pressure with little in the way of support until a cluster of prior lows all the way down to below 0.6800 come into play. These trades are all happened around mid-2020 and may not hold a great deal of conviction. The chart does show the pair heavily in oversold territory and this may temper any move lower in the short term.67.84% of traders are net-long with the ratio of traders long to short at 2.11 to 1. The number of traders net-long is 13.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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