of clients are net short. Change in | Longs | Shorts | OI |
Daily | 9% | -4% | 1% |
Weekly | 5% | -16% | -8% |
What does it mean for price action? Get My Guide AUD/USD - DAILYFX ECONOMIC CALENDAR Chart Source: DailyFX Economic Calendar
Looking to the DailyFX Economic Calendar brings to focus a few notable datapoints out of Australia and the United States later this week, which have potential to weigh materially on AUD/USD price action as well. Aussie jobs data scheduled for release Thursday, 15 October at 00:30 GMT could underscore calls for more RBA easing if the employment figures disappoint. US retail sales and consumer sentiment reports due Friday, 16 October at 12:30 GMT and 14:00 GMT respectively stand to have an impact on trader risk appetite and demand for safe-haven currencies like the US Dollar.
Recommended by Rich Dvorak Trading Forex News: The Strategy Get My Guide AUD/USD PRICE CHART: DAILY TIME FRAME (03 JUN TO 14 OCT 2020) Chart by: @RichDvorakFX
Trader indecisiveness regarding where to push the Aussie-Dollar next has resulted in the formation of back-to-back doji candlestick patterns . The sideways direction could press on with spot AUD/USD price action looking relatively contained between its 50-day and 100-day simple moving averages . Not to mention, the major currency pair also gravitates around a confluent support zone highlighted by its 38.2% Fibonacci retracement of the 15 June to 31 August bullish leg.
Recommended by Rich Dvorak Get Your Free USD Forecast Get My Guide Yet, potential that AUD/USD breaks lower could be a more likely outcome as spot rates form a bearish trend from the series of lower highs over the last month and a half. The MACD indicator also points to a possible impending bearish crossover. On the other hand, a topside breakout above the negatively sloped trendline could open up the door for Aussie-Dollar bulls to make a push toward the 0.7300-handle. This scenario could materialize if there is a fiscal stimulus breakthrough and market volatility stays relatively suppressed.
-- Written by Rich Dvorak , Analyst for DailyFX.com
Connect with @RichDvorakFX on Twitter for real-time market insight
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