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Australian Dollar Likely to Depreciate until this Changes

Australian Dollar Likely to Depreciate until this Changes

David Rodriguez, Head of Product
Australian Dollar Likely to Depreciate until this Changes

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AUDUSD The Australian Dollar may continue to trade into fresh lows as extremely one-sided forex trader sentiment points to losses.

Trade Implications – AUDUSD:Our data shows that retail traders have remained long the AUDUSD since it traded below $0.9400 through late July, and continued crowd buying leaves our sentiment-based forecast clear. Our Senior Technical Strategist highlights $0.8750 as a potential reaction point to the downside. We would nonetheless need to see a material shift in trader positioning before buying the Australian Dollar.

See next currency section: NZDUSD - New Zealand Dollar at Risk of Major Breakdown

--- Written by David Rodriguez, Quantitative Strategist for

Australian Dollar Likely to Depreciate until this Changes

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