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Australian Dollar Poised for Larger and Faster Declines

By , Quantitative Strategist
23 May 2013 14:45 GMT
ssi_aud-usd_body_Picture_16.png, Australian Dollar Poised for Larger and Faster Declines

AUDUSD – We’ve written repeatedly in favor of Australian Dollar weakness against the resurgent US namesake, and extremely one-sided retail forex sentiment leaves us plainly in favor of further weakness.

Trade Implications – AUDUSD: Nothing moves in a straight line, and we’re very much aware that the risk of a short-term bounce is significant. But we can’t ignore signs that this is simply the beginning of AUDUSD (and S&P 500) weakness—we’re watching for further weakness.

A hold below week-to-date congestion highs at $0.9840 leaves our short-term bullish trading bias intact.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_aud-usd_body_1a_3.png, Australian Dollar Poised for Larger and Faster Declines

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23 May 2013 14:45 GMT