The US Dollar is receiving some love from retail traders, boosting short exposure in AUD/USD and NZD/USD. Could this spell further strength for these pairs? Get your market update from ddubrovskyFX here:
/USD. At times, IGCS can function as a contrarian indicator. If this trend in positioning continues, then the Aussie and Kiwi may recover against the Greenback. For a more comprehensive overview, check out the recording of my webinar above.shows that about 55% of retail traders are net-long AUD/USD. Since most are still biased to the upside, this suggests prices may continue falling. However, net-long bets decreased by 5.32% and 12.57% compared to yesterday and last week respectively.
With that in mind, recent changes in positioning hint that the pair may soon reverse higher.Despite strength since the end of January, the Australian Dollar remains in a dominant downward bias against the US Dollar. A falling zone of resistance from late September is aiding prices lower, with a potential falling trendline from early 2021 not far above that. Resuming the dominant downtrend entails clearing the 0.6968 – 0.7016 support zone, which is made up of late 2020 lows.
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