Australian Dollar Likely to Break Lower versus Greenback
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – AUDUSD:The Aussie Dollar remains in a tight trading range, and there’s clear risk that consolidation could lead to a significant breakout or breakdown. Given such one-sided crowd sentiment we believe such a break will be lower. There seems to be little in the way of a test of multi-year lows near $0.8650, and a further break would target 2010 troughs at $0.8100.
See next currency section: NZDUSD - New Zealand Dollar Targets Fresh Lows
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.