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Australian Dollar Likely to Continue Higher

Australian Dollar Likely to Continue Higher

2014-06-12 14:35:00
David Rodriguez, Head of Product
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Australian Dollar Likely to Continue Higher

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AUDUSDRetail FX traders have sold aggressively into recent Australian Dollar gains, and a contrarian view of crowd sentiment suggests the AUDUSD may hit further highs.

Trade Implications – AUDUSD: Two weeks ago we highlighted a key shift in Aussie Dollar sentiment as an important reason that it would continue to hold key lows versus its US namesake. And indeed the combination of a larger shift towards crowd selling and the break higher in price leaves our focus higher. Total short interest is now at its highest since the AUDUSD traded near yearly highs in April, and until we see a shift in sentiment we’ll watch for further gains.

See next currency section: GOLD - Gold Prices May Rally Further off of Lows

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

Australian Dollar Likely to Continue Higher

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