Large speculators reached a record level of net-short exposure to Australian dollar futures in late September, and continued short-covering has allowed AUD/USD to rise against its bearish trend. However, like copper, bulls remain mostly sidelined as they doubt the RBA will hike further. This still leaves room for further upside should bears continue to cover, but until we see bulls step back to the table with conviction then upside targets need to remain realistic. {chart} AUD/USD technical analysis (weekly chart): The Australian dollar spent most of 2023 in a downtrend, having fallen over 12% from the February high ... (full story)