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Australian Dollar Poised for Continued Weakness

Australian Dollar Poised for Continued Weakness

David Rodriguez, Head of Product
Australian Dollar Poised for Continued Weakness

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AUDUSD The majority of retail traders have remained long the Australian Dollar versus the USD since the pair turned lower from July highs near $0.9470. Our trading bias remains in favor of AUDUSD weakness.

Trade Implications – AUDUSD:The recent AUD bounce off of multi-month lows suggests that the pace of declines might slow, but we believe that a breakabove month-to-date highs near $0.9360 is necessary to call for a more important bounce. We would likewise need to see crowds selling into any such AUDUSD rally.

See next currency section: SPX500 - S&P 500 Seems Unbreakable, We Favor further Gains

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

Australian Dollar Poised for Continued Weakness

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

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