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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Aussie Breakdown Offers Selling Opportunities

Aussie Breakdown Offers Selling Opportunities

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_12.png, Aussie Breakdown Offers Selling Opportunities

AUDUSD – Forex trading crowds have bought aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us in favor of further declines. A close below key congestion support at $1.04 would serve as confirmation of a major break lower.

Trade Implications – AUDUSD: Our sentiment-based trading strategies have sold the Australian Dollar versus the US Dollar and Japanese Yen, but AUDUSD consolidation above $1.0400 has limited our enthusiasm for such AUD-bearish positions. We may need to see a substantive break lower to get aggressively short AUDUSD.

--- 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.

New to FX markets? Learn more in our video trading guide.

Contact David via

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

Facebook at http://www.Facebook.com/DRodriguezFX

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

DISCLOSURES