The Australian Dollar continues to struggle for near-term direction near the 0.74 figure against its US counterpart but the dominant trend remains firmly bearish. The series of lower highs and lows established in late January from double top resistance above 0.81 continues to define price action. From here, a daily close below chart inflection point support at 0.7335 opens the door for a challenge of double bottom support in the 0.7145-65 ...
The Australian Dollar seems to be struggling to pick a direction to choose from against its US counterpart as of late. In the meantime, well-established support and resistance levels have formed and the gap between the two is slowly shrinking. These are the 76.4% Fibonacci retracement at 0.7651 and the descending line from March 16th respectively. Before AUD/USD got to where it is now, the pair has essentially been in a downtrend since ...
AUDUSD: Retail trader data shows 51.7% of traders are net-long with the ratio of traders long to short at 1.07 to 1. In fact, traders have remained net-long since Oct 24 when AUDUSD traded near 0.77751; price has moved 0.7% lower since then. The number of traders net-long is 8.2% lower than yesterday and 6.6% lower from last week, while the number of traders net-short is 2.2% lower than yesterday and 6.8% lower from last week. ...
AUDUSD: Retail trader data shows 53.7% of traders are net-long with the ratio of traders long to short at 1.16 to 1. The number of traders net-long is 4.7% lower than yesterday and 4.7% lower from last week, while the number of traders net-short is 12.0% lower than yesterday and 13.0% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. ...
The Australian Dollar has struggled to build upside momentum against its US counterpart since bouncing from rising trend support set from May/June lows. Prices seemingly completed a bullish Flag continuation pattern but have been unable even to retest the prior swing high, much less to overcome it. Resistance is at 0.7979, the 23.6% Fibonacci expansion, with break above that on a daily closing basis opening the door to challenge the 0.8066-87 ...