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Australian Dollar Remains a Sell until this Changes

Australian Dollar Remains a Sell until this Changes

David Rodriguez, Head of Product
Australian Dollar Remains a Sell until this Changes

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AUDUSD The Australian Dollar remains a sell as exceedingly one-sided crowd positions warn of further AUDUSD weakness.

Trade Implications – AUDUSD:Our data on retail trader open positions shows that long orders outnumber those short by 2.4 to 1. Indeed traders have remained net-long since the pair traded below $0.9400 through late July. It is worth noting that the Aussie Dollar has thus far held above year-to-date lows near $0.8670, but we would need to see a substantial shift in sentiment before abandoning our bearish trading bias.

See next currency section: NZDUSD - New Zealand Dollar Shows Signs of Turnaround

--- Written by David Rodriguez, Quantitative Strategist for

Australian Dollar Remains a Sell until this Changes

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