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Australian Dollar Downtrend Intact for this Reason

Australian Dollar Downtrend Intact for this Reason

David Rodriguez, Head of Product
Australian Dollar Downtrend Intact for this Reason

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AUDUSD The Australian Dollar continues to hold important price levels, but one-sided retail sentiment leaves us watching for further declines.

Trade Implications – AUDUSD:Last week noted that the AUDUSD was on the verge of breaking month-to-date highs near $0.9360, and such a move would shift our trading bias higher. Yet the Aussie currency pulled back from key levels, and retail sentiment has not shifted in any real way. It’s once again testing resistance, but until we see a more substantive swing in sentiment we’ll remain in favor of short positions.

See next currency section: SPX500 - S&P 500 Remains Primed For Gains until this Changes

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

Australian Dollar Downtrend Intact for this Reason

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

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