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The Facts Change on Aussie Dollar - We’ve Got to Change

The Facts Change on Aussie Dollar - We’ve Got to Change

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_19.png, The Facts Change on Aussie Dollar - We’ve Got to Change

AUDUSD – Retail traders have bought aggressively into recent Australian Dollar weakness, and our sentiment-based trading strategies have flipped direction and sold into AUDUSD declines.

Trade Implications – AUDUSD: Last week we highlighted the fact that our SSI-based Momentum2 trading system went long AUDUSD as a key reason to be bullish. Past performance is notindicative of future results, but the system has done well catching key turning points in the AUDUSD.

Yet that same strategy has flipped direction and has now sold AUDUSD from $1.0405, which lines up with our Senior Technical Strategist’s calls for an AUD short below $1.05. We really don’t like switching direction on a week-to-week basis, but if the facts change, we’ve got to change. There’s obviously risk that we might get chopped out yet again, but there’s too much evidence for AUDUSD for us to ignore—especially if we clear key support at $1.04.

--- 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, The Facts Change on Aussie Dollar - We’ve Got to Change

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.

Contact David via

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

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