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  • Rising bond yields make gold less attractive as an investment. Inflation expectations and a weaker USD keep gold prices supported. Get your $XAUUSD market update from @HathornSabin here:https://t.co/FBWhw5vruO https://t.co/BUFxcxA73b
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  • EUR/USD is finally getting some traction this morning after laying about for a few days As such, our analyst pick remains in play - https://www.dailyfx.com/forex/analyst_picks/todays_picks/peter_hanks/2021/02/11/US-Dollar-Price-Outlook-EURUSD-Breaks-Downtrend-Can-it-Rally.html?ref-author=phanks&QPID=917701&CHID=9 $EUR $USD https://t.co/O689avj0gf
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: -0.11% Oil - US Crude: -0.48% Gold: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/VbV88MX69A
  • Heads Up:🇺🇸 Pending Home Sales YoY (JAN) due at 15:00 GMT (15min) Previous: 21.4% https://www.dailyfx.com/economic-calendar#2021-02-25
Australian Dollar Strength Likely as Crowd Sentiment Shifts

Australian Dollar Strength Likely as Crowd Sentiment Shifts

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_19.png, Australian Dollar Strength Likely as Crowd Sentiment Shifts

AUDUSD – Retail traders have aggressively scaled back on AUDUSD-short positions, and a contrarian view of forex sentiment favors further strength.

Trade Implications – AUDUSD: Our sentiment-based Momentum2 system has recently bought the Australian Dollar against the US Dollar on the sharp shift in retail sentiment, and our technical forecast for the AUDUSD leaves us in favor of further short-term strength. Long interest is down a remarkable 48 percent in the past week, and the sharp swing gives us contrarian signal that the Aussie may continue higher.

--- 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.

ssi_aud-usd_body_1a_5.png, Australian Dollar Strength Likely as Crowd Sentiment Shifts

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

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

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

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