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Australian Dollar Forecast to Fall Further

Australian Dollar Forecast to Fall Further

David Rodriguez, Head of Product
Australian Dollar Forecast to Fall Further

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

AUDUSD Retail FX crowds remain steadily long the Australian Dollar versus its US namesake, and a contrarian view of ‘herd’ sentiment leaves us with a similarly steady bearish trading bias. It currently trades just above key support at $0.7250, and further breakdown offers little in the way of concrete support until the psychologically significant $0.7000 level.

See next currency section:NZDUSD - New Zealand Dollar Reversal is Short-Lived, Declines Likely

--- 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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