Aussie Weekly Tag Outlook: Australian Greenback Conflict Lines Drawn
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- Weekly technicals on AUD/USD-point of interest is on a damage of the 6900-7080 differ for guidance
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On this series we scale-attend and stare upon the broader technical image to win a little more point of view on the set aside we’re in trend. The Aussie restoration failed at main resistance against theUS Greenbackfinal week with our point of interest on the reach-term pullback in label. These are the updated targets and invalidation ranges that topic on the AUD/USD weekly chart.Assessmentthisweek’s Strategy Webinarfor an in-depth breakdown of this setup and more.
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AUD/USD Weekly Tag Chart
Notes:In my latestAussieTag Outlookwe eminent that, “a breach / finish above 6972 is wanted to fuel the next leg elevated focusing on the yearly low-day finish at7005– look an even bigger response there IF reached” A brief stint into the 50% retracement of the yearly differ failed post-NFPs on Friday with label closing the week below the figure.
Key weekly resistance remains at7020/42with a breach above the June 2018 resistance slope (currently ~7080s) wanted to validate a elevated flip in label. Beef up rests on the 61.8%retracementof the Might per chance per chance per chance even reach (also the Might per chance per chance per chance even 20threversal-week finish) at6925. A downside damage of this formation (currently around ~6900) would over but again preserve the 2016 low / low-week finish into point of interest at6827/55– look a more necessary response there IF reached.
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Final analysis:Aussie turned from a necessary resistance confluence final week and IF prices are certainly heading elevated, losses should be tiny to the lower parallel. From a buying and selling standpoint, look a crimson meat up on a pass lower to offer more favorable entries with a topside breach above channel resistance wanted to shift the broader point of interest elevated. Assessment my latestAUD/USD Tag Outlookfor a more in-depth stare upon the reach-term Aussie buying and selling ranges.
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AUD/USD Trader Sentiment
- A summary ofIG Client Sentimentexhibits traders are obtain-long AUD/USD – the ratio stands at +1.84 (64.8% of traders are long) –bearishreading
- Traders luxuriate in remained obtain-long since April18th; label has moved 2.9% lower since then
- Lengthy positions are3.9% elevated than yesterday and eight.0% elevated from final week
- Short positions are1.7% elevated than yesterday and 14.7% lower from final week
- We typically derive a contrarian look to crowd sentiment, and the fact traders are obtain-long suggestsAussiemight possibly presumably well goal continue to tumble. Merchants are further obtain-long than yesterday&final week, and the combo of sleekpositioningand as much as date changes offers us a strongerAUD/USD-bearish contrarian buying and selling biasfrom a sentiment standpoint.
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— Written byMichael Boutros, Technical Currency Strategist with DailyFX