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Australian Dollar Technical Outlook: AUD/USD Threatens Breakout at Yearly Open


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Jun 8, 2022 | DailyFX
Michael Boutros, Strategist

AUSTRALIAN DOLLAR TECHNICAL PRICE OUTLOOK: NEAR-TERM TRADE LEVELS

  • Australian Dollar technical trade level update – Daily & Intraday Charts
  • AUD/USD rally stalls into yearly open resistance- June opening-range breakout in focus
  • Resistance 70270, 7313/43 (key), 7414 - Support 7109/23 (key), 7067, 6991-7016

Australian Dollar Technical Forecast: AUD/USD Rally Stalls into June

 

AUSTRALIAN DOLLAR TRADER SENTIMENT – AUD/USD PRICE CHART

Australian Dollar Trader Sentiment - AUD/USD Price Chart - Aussie Retail Positioning - AUDUSD Technical Outlook

  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.40 (58.39% of traders are long) – typically a weak bearish reading
  • Long positions are5.53% lower than yesterday and 4.62% higher from last week
  • Short positions are0.25% lower than yesterday and 16.91% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Traders are less net-long than yesterday but more net-long from last week. The combination of current positioning and recent changes gives us a further mixed AUD/USD trading bias from a sentiment standpoint.

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What are your views on AUD/USD ?

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