Australian Dollar Rebounds From 1.0400 Area/One Month High

From forex-fx-4x.com

The AUD/USD was trading at the highest level seen since September prior to last Friday but has subsequently moved back into the recent range and has formed a bearish engulfing line. This comes at the 1.0400 area previous resistance highs and 50% retrace of the last major swing to the upside. Price moved just 8 pips above the prior swing high at 1.0410 (the shooting star on 18/10/12) and proceeded to drop around 90 pips by the daily close. The net long non commercial position for the Australian dollar was at 52k for the latest reporting period, according to Friday’s COT report data. This was in contrast to the 45k ... (full story)