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AUDUSD – Retail FX traders continue buying aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us in favor of selling into AUD declines. The majority of traders last turned net-long the AUD as it traded below $0.80 in May. Until we see a marked swing in the opposite direction we see little reason to change our long-standing bearish trading bias, and indeed any rallies are likely to be capped by significant volume-based resistance at $0.7400.
See next currency section: NZDUSD - New Zealand Dollar Likely to Trade Lower
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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