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Australian Dollar Rally at Risk at these Levels

Australian Dollar Rally at Risk at these Levels

David Rodriguez, Head of Product
Australian Dollar Rally at Risk at these Levels

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSDIndecisive retail forex sentiment in the Australian Dollar gives us pause on our earlier calls for gains. And indeed we will need to see a significant build in crowd selling before calling for AUD gains.

Trade Implications – AUDUSD: The trading herd recently turned net-short the AUDUSD for the first time since the pair set a top in April, and that was a major reason we called for further strength. Yet the Aussie Dollar’s failure to hold above the key $0.9400 mark warns of potential failure here. And indeed we’ll need to see a further build in crowd selling before calling for AUD strength.

See next currency section: GOLD - Failure Leaves Gold Prices Vulnerable to Major Declines

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

Australian Dollar Rally at Risk at these Levels

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

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