Australian Dollar Remains a Sell until this Changes
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AUDUSD – Retail FX traders remain aggressively long the Australian Dollar versus the US Dollar, and until this changes we will continue to favor selling any near-term AUD bounces.
Trade Implications – AUDUSD:Positions have moderated somewhat since last week, but open longs remain near their highest since the AUDUSD set an important intermediate low in May. We see early signs that the US Dollar may pull back further versus other G10 counterparts. Yet the Australian Dollar remains a clear sell until we see a significant moderation in one-sided retail FX trader sentiment.
See next currency section:NZDUSD - New Zealand Dollar May Finally Turn Higher
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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