The AUDUSD is on the move up but may be setting up for a long squeeze

AUDUSD Analysis

The AUSUSD has found selling pressure as traders start to factor in a potential rate cut from the RBA. We can see that there are a lot of long positions built up off the daily support zone from 0.7000 to 0.7042 as price starts to get extended up off this zone. If the USD finds some strength on the back of better than expected economic data, we expect to see some buyers squeezed out of the AUD and a move back down to support. Watching now for a lower high to build and a sell entry setup.

Current Price : 0.7066