AUD/USD Price Analysis: Bears push to the edge of the abyss, looking over it to – by fx_ross AUDUSD Technical Analysis
Speculators' net long positioning on the US dollar fell in the latest week to the lowest since mid-March, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. This leaves scope for a reaccumulation of those positions that could add pressure to AUS/USD. The value of the net long dollar position slid to $9.44 billion in the week ended Oct. 4, from $10.43 billion the previous week, CFTC data showed.
scale can be drawn to look for confluences with structure. In this regard, the 61.8% aligns with the July lows near 0.6700. However, should the dollar remain strong, that will be a tall order to achieve. Moreover, the bulls will first need to overcome the daily resistance near 0.6550. On the 4-hour time frame, the price has slid beyond the trendline resistance but is failing to hold convincingly within the channel.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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