Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Australian Dollar Forecast Firmly in Favor of Weakness

Australian Dollar Forecast Firmly in Favor of Weakness

David Rodriguez, Head of Product

Share:

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

AUDUSD – Retail FX traders have bought aggressively into the Australian Dollar’s continued slide versus its US namesake, and a contrarian view of crowd sentiment leaves us in favor of selling into AUD declines. Indeed the majority of traders last turned net-long the AUD as it traded below $0.80 in May. Until we see a marked swing in the opposite direction we see little reason to change our long-standing bearish trading bias, and indeed any rallies are likely to be capped by significant volume-based resistance at $0.7400.

See next currency section: NZDUSD - New Zealand Dollar Expected to Continue Lower

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES