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Australian Dollar Poised for Further Losses versus US Dollar

Australian Dollar Poised for Further Losses versus US Dollar

David Rodriguez, Head of Product
Australian Dollar Poised for Further Losses versus US Dollar

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

AUDUSD A substantial shift in retail FX positioning warns that the Australian Dollar may trade to fresh lows versus the US Dollar.

Trade Implications – AUDUSD: Last week we noted a major spike in real FX volume as signal that the Aussie was on pace for a major test of key highs, and the subsequent reversal helps confirm that this was an in fact an important turning point. Retail traders are now their most net-long AUDUSD since it traded off of $0.9200 just two months ago.

At that point it marked an important low, but a break of key support warns that the Aussie has further room to fall unless we see a significant shift in crowd sentiment. Multi-month lows near $0.9200 remain a key line in the sand.

See next currency section: SPX500 - Need to See a Larger Move to Confirm S&P 500 Top

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

Australian Dollar Poised for Further Losses versus US Dollar

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

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