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Australian Dollar Forecast to Test Key Lows

Australian Dollar Forecast to Test Key Lows

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_17.png, Australian Dollar Forecast to Test Key Lows

AUDUSD – Forex trading crowds have aggressively bought into Australian Dollar weakness versus the US Dollar, and our contrarian trading systems have sold AUDUSD in anticipation of further declines.

Trade Implications – AUDUSD: It remains a frustrating run of performance for our purely sentiment-driven Momentum2 strategy, as it has flipped direction on AUDUSD four times in the past three weeks. It is subsequently difficult to get excited about its current short position from $1.0244, but it’s clear that trading crowds have bought aggressively into recent weakness.

The month of May has thus far proven kind to the US Dollar (ticker: USDOLLAR), and it seems relevant to wonder whether this is the start of a larger AUDUSD breakdown. Our Senior Technical Strategist believes that AUD-short positions remain attractive on the potential for said continuation.

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

ssi_aud-usd_body_1a_3.png, Australian Dollar Forecast to Test Key Lows

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