Australian Dollar Sees No Relief in Sight
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Australian dollar – Retail forex trading crowds continue to buy aggressively into Australian Dollar weakness, and our sentiment-based Momentum2 strategy has done well selling into AUDUSD declines and buying into EURAUD strength.
Trade Implications – AUDUSD: The Australian Dollar is currently at its worst consecutive weekly decline since 1986, and it’s obvious that overall momentum is stretched. Yet we see little reason to call for a meaningful reversal.
As long as crowds continue buying Australian Dollar weakness, our sentiment-based trading strategies will continue to sell.
--- 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.