The $A has walked MMs’ flagged path through 2026, and if we’re correct, the time is beckoning for another leg higher following this week’s push back above 70c as traders rein in their bets for Fed rate hikes in 2026. It’s also encouraging to see non-commercial (speculative) traders hold the largest net short position of 2026, a dramatic reversal from what was an extremely crowded long position earlier in the year, i.e. the “punters” are often wrong.
- We’re looking for the next leg higher by the Aussie in the coming months, with the soft US inflation data over the last 48 hours the potential catalyst.
MM is bullish towards the Australian Dollar, targeting the 75-76c area
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