The biggest mover this week wasn't the one you would expect

Or maybe it was, but I was surprised to see that the US dollar was the top performer this week while the Australian dollar was the laggard.

AUD/USD fell 2.16% on the week but 90% of the move was on Monday. The weekly chart shows the pair well-within the 8-month range but the quick failure of a test at 1.06 points to a downside bias.

The decline in risk appetite and the heavy skew toward AUD longs among speculators were the culprits for this week's decline.