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Australian Dollar Downtrend Remains Intact

Australian Dollar Downtrend Remains Intact

2014-02-06 15:45:00
David Rodriguez, Head of Product
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ssi_aud-usd_body_Picture_23.png, Australian Dollar Downtrend Remains Intact

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Australian dollarRetail FX traders remain heavily long the Australian Dollar, and a contrarian view of crowd sentiment leaves us in favor of continued weakness.

Trade Implications – AUDUSD: A recent shift in positions actually led our sentiment-based Momentum2 strategy to get long AUDUSD from $0.8901 and short the EURAUD from A$1.5391. Yet a hold below key resistance at $0.9000 would leave our AUD-bearish trading bias intact.

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

ssi_aud-usd_body_Picture_24.png, Australian Dollar Downtrend Remains Intact

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