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Australian Dollar at Risk of Further Declines

Australian Dollar at Risk of Further Declines

David Rodriguez, Head of Product
Australian Dollar at Risk of Further Declines

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AUDUSD Retail FX traders remain aggressively long the Australian Dollar versus its US namesake, and as long as this remains the case we will maintain our contrarian calls for continued AUD weakness. A failure to finish above key support at the $0.7400 level would keep focus on key lows near $0.7250.

See next currency section:NZDUSD - New Zealand Dollar May have Set Significant Low

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

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

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