Australian Dollar Targets Fresh Lows
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AUDUSD – Heavily one-sided retail FX trader sentiment warns that the Australian Dollar will likely continue lower against the US Dollar.
Trade Implications – AUDUSD:The majority of open retail positions in our sample have remained long the Australian Dollar as it failed to break above $0.9500 in July, and this fact has kept us watching for continued AUD weakness. We admittedly got a bit ahead of ourselves last week as an important shift towards AUDUSD-selling acted as early warning of a sustained shift higher. Yet the opposite has happened and crowds are once again aggressively long. Until this changes we favor selling into Australian Dollar weakness.
See next currency section:NZDUSD - New Zealand Dollar remains at Risk of Depreciation
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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