From the weekly point of views, the price was created a weekly strong demand zone, expect a deeper pullback to this area before another new impulse to the upside. From the daily perspective, this demand zone is correlated with the daily support area, because we have multiple support resistance touches inside of this area.
From the hedge funds' point of view, they are bearish bias on AUD on the longer-term perspectives. But in the today new report, they were added around 3.3k of long positions and closed 800 of short positions on AUD. During AUD push to the downside, short closed but long added, implies they are actually accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the pullback to the demand zone, then only looking for the long opportunity inside the demand area. A deeper pullback is expected since we have an overextended move to the upside from the weekly point of view.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on AUDUSD.
From the hedge funds' point of view, they are bearish bias on AUD on the longer-term perspectives. But in the today new report, they were added around 3.3k of long positions and closed 800 of short positions on AUD. During AUD push to the downside, short closed but long added, implies they are actually accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the pullback to the demand zone, then only looking for the long opportunity inside the demand area. A deeper pullback is expected since we have an overextended move to the upside from the weekly point of view.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on AUDUSD.