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FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_10.png, FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

AUDUSD – Retail forex trading crowds have bought aggressively into Australian Dollar weakness against the US Dollar (ticker: USDOLLAR), and our contrarian view of crowd sentiment leaves us in favor of further AUDUSD weakness. Last week we likewise wrote of a key technical turnaround and that one of our sentiment-based trading strategies had sold AUDUSD from $1.0546. Betting on major reversals is always risky, but we see further evidence that the Australian Dollar set an important top versus its US namesake.

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

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