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Australian Dollar Forecast Favors Continued Weakness

Australian Dollar Forecast Favors Continued Weakness

David Rodriguez, Head of Product
Australian Dollar Forecast Favors Continued Weakness

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AUDUSDA massive swing in retail forex sentiment warns that the Australian Dollar may continue lower versus the US Dollar.

Trade Implications – AUDUSD: Retail FX crowds recently hit their largest long position on record as the pair turned sharply lower. A contrarian view of crowd sentiment leaves us firmly in favor of further weakness, and a further break of key technical support levels would likely produce an acceleration in AUD declines.

See next currency section: GOLD - Gold at Material Risk of Further Breakdown

--- Written by David Rodriguez, Quantitative Strategist for

Australian Dollar Forecast Favors Continued Weakness

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