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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

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

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 DailyFX.com

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.

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