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Australian Dollar May Bounce as Crowds Sell

Australian Dollar May Bounce as Crowds Sell

2013-03-07 16:02:00
David Rodriguez, Head of Product
Share:
ssi_aud-usd_body_Picture_19.png, Australian Dollar May Bounce as Crowds Sell

AUDUSD – Retail forex traders have stopped buying the Australian Dollar, and in fact a recent shift in positioning suggests the AUDUSD may continue higher through short-term trading.

Trade Implications – AUDUSD: Our sentiment-based trading strategies have most recently bought the Australian Dollar against the Japanese Yen and US Dollar, as a sharp shift in retail trader sentiment warns that this may be the start of a larger correction. The overall trend remains down, but counter-trend traders might find AUDUSD buying opportunities as near-term targets are in the $1.0374-$1.0400 range.

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

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ssi_aud-usd_body_1a_5.png, Australian Dollar May Bounce as Crowds Sell

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