The Australian Dollar sits in a precarious position as retail traders boost their bullish bets on the currency. Is this a warning sign that AUD/USD and AUD/JPY could have more room to weaken? Get your market update from ddubrovskyFX here:
AUD/USD Sentiment Outlook - Bearishshows that about 74% of retail traders are net-long AUD/USD. Since most traders are biased to the upside, this hints price may continue falling. This is as upside exposure has increased by 5.2% and 17.97% compared to yesterday and last week respectively. With that in mind, the combination of current sentiment and recent changes is offering a stronger bearish contrarian trading bias.
On the daily chart, AUD/USD is coming off the worst month since September 2014. Recently, the pair has left behind a bullish. Given further upside confirmation, this could hint at more gains to come. There is quite the room to go before the 20-day Simple Moving Average will come into view to perhaps hold as resistance, maintaining the downtrend. On the downside, the 0.6968 – 0.7000 support zone is what stands between AUD/USD and lows from June 2020 .
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