The Australian Dollar is on course for the worst week since mid-June as retail traders continue to increase bullish exposure. This may spell trouble for AUD/USD after a key support breakout.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 4, 2023USD/JPY IG Client Sentiment: Our data shows traders are now at their least net-long USD/JPY since Oct 20 when USD/JPY traded near 150.11.Oct 3, 2023Sep 26, 20232023-10-03 09:30:34MoreThe Australian Dollar is on course to drop about -2.2% this week at this stage. If confirmed, that would be the worst 5-day drop since the middle of June.
Positive RSI divergence is present showing that downside momentum is fading. That can at times precede a turn higher. Such an outcome would place the focus on the 20- and 50-day moving averages as immediate resistance. These may maintain the broader bearish technical perspective, placing the focus on a potential revisit of the 2022 low of 0.6170.T&C
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