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Australian Dollar Poised for Further Losses versus US Dollar

Australian Dollar Poised for Further Losses versus US Dollar

2014-08-07 15:55:00
David Rodriguez, Head of Product
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Australian Dollar Poised for Further Losses versus US Dollar

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AUDUSD Forex trading crowds remain aggressively long the Australian Dollar versus the US Dollar, and a contrarian view of sentiment leaves us in favor of further losses.

Trade Implications – AUDUSD:Increasingly one-sided positions warn that the AUDUSD will trade to fresh lows—particularly as it breaks multi-month lows. The next major price floor is at a previous triple-bottom near $0.9200, and further breakdown leaves little in the way of a move towards the psychologically significant $0.9000 handle.

See next currency section: SPX500 - Is this the Start of the S&P 500 Reversal?

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

Australian Dollar Poised for Further Losses versus US Dollar

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