Australian Dollar Rally at Risk at these Levels
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AUDUSD – Indecisive 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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.