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Australian Dollar at Clear Risk of Continued Breakdown

Australian Dollar at Clear Risk of Continued Breakdown

David Rodriguez, Head of Product
Australian Dollar at Clear Risk of Continued Breakdown

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

AUDUSD Retail FX traders remain heavily long the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment gives reason to believe the AUDUSD fall further.

Trade Implications – AUDUSD:Our retail FX data shows that there are an impressive 2.8 long positions for every position short the AUDUSD—coming close to extremes not seen since May as the AU$ tested key support at $0.9200. In that instance it set an important short-term low before breaking down in September. And though heavily one-sided positions often occur at major market tops/bottoms, the actual extreme is only clear in hindsight. Until we see a sustained shift in sentiment we’ll continue call for AUDUSD weakness.

See next currency section:NZDUSD - New Zealand Dollar Targets Fresh Lows

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Australian Dollar at Clear Risk of Continued Breakdown

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

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