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AUDUSD – The retail forex trading crowd remains extremely long the Australian Dollar versus the US Dollar, and until that changes we see little choice but to call for further AUDUSD weakness.
Trade Implications – AUDUSD:Net AUD positioning is near its most long since the currency set an important intermediate low in May. Heavily one-sided sentiment warns that price may be near an important turn, but as with other US Dollar pairs the trend remains clearly in favor of AUDUSD declines.
See next currency section:NZDUSD - New Zealand Dollar Poised for Continued Declines
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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