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Australian Dollar Still Looks like a Sell

Australian Dollar Still Looks like a Sell

2014-01-02 18:00:00
David Rodriguez, Head of Product
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ssi_aud-usd_body_Picture_19.png, Australian Dollar Still Looks like a Sell

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Australian dollarRetail forex trading crowds remain heavily long the Australian Dollar, and a contrarian view of crowd sentiment leaves us in favor of further AUDUSD weakness.

Trade Implications – AUDUSD: The Australian Dollar recently hit its worst consecutive weekly decline since 1986, and such incredibly one-sided price action leaves clear risk of short-term reversal. Yet we’ll need to see a much larger shift in crowd sentiment before calling for a meaningful Aussie Dollar bounce.

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

ssi_aud-usd_body_Picture_20.png, Australian Dollar Still Looks like a Sell

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