Australian Dollar Turnaround is the Real Deal
AUDUSD – Retail forex traders are near their most net-long AUDUSD on record, and the aggressive shift towards crowd buying leaves us plainly in favor of further Aussie Dollar weakness.
Trade Implications – AUDUSD: Last week we wrote that the AUD bounce was likely over, and indeed we remained plainly in favor of weakness. Yesterday we highlighted the fact that forex volatility had jumped in Australian Dollar pairs, and we now remain in favor of using our Breakout2 trading system to take advantage of AUDUSD sentiment extremes.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.