Australian Dollar Likely to Continue Lower
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.