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Australian Dollar Likely to Continue Lower

Australian Dollar Likely to Continue Lower

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_18.png, Australian Dollar Likely to Continue Lower

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Australian dollarRetail FX traders remain heavily long the Australian Dollar against the US Dollar, an d a contrarian view of crowd sentiment leaves us firmly in favor of continued AUD weakness.

Trade Implications – AUDUSD: Our purely sentiment-based Momentum2 strategy has done well selling into Aussie Dollar weakness versus the Euro, and indeed it now remains long EURAUD from A$1.5471. It has admittedly done less well trading the AUDUSD as of late, but one-sided forex sentiment and a bearish technical forecast leaves us in favor of further Aussie Dollar weakness.

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

ssi_aud-usd_body_Picture_19.png, Australian Dollar Likely to Continue Lower

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

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