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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

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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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