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Further Australian Dollar Declines Seem Likely

Further Australian Dollar Declines Seem Likely

2013-11-21 15:30:00
David Rodriguez, Head of Product
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ssi_aud-usd_body_Picture_6.png, Further Australian Dollar Declines Seem Likely

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Australian dollarRetail forex traders continue buying aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us in favor of AUDUSD weakness.

Trade Implications – AUDUSD: Our purely retail sentiment-based Momentum2 strategy has had mixed results trading the Australian Dollar as of late; it attempted to buy into the AUDUSD bounce off of multi-month lows.

Yet the same strategy is likely to sell once more, and our Senior Technical Strategist favors staying short against important AUDUSD resistance at $0.9542.

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

ssi_aud-usd_body_Picture_24.png, Further Australian Dollar Declines Seem Likely

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