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Australian Dollar Poised to Test Major Lows

Australian Dollar Poised to Test Major Lows

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_19.png, Australian Dollar Poised to Test Major Lows

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Australian dollarRetail forex traders have bought consistently into Australian Dollar weakness, and our purely retail sentiment-based Momentum2 strategy has done well selling into AUDUSD declines.

Trade Implications – AUDUSD: The system is currently short the Australian Dollar from $0.9007, and our Senior Technical Strategist favors an AUDUSD short position as long as price remains below key resistance at $0.9150. Targets start at multi-year lows near $0.8850.

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

ssi_aud-usd_body_Picture_12.png, Australian Dollar Poised to Test Major Lows

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

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