Australian Dollar Outlook Remains Bearish until this Changes
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AUDUSD –The majority of retail FX traders remain long the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment leaves us firmly 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.
See next currency section: EURUSD - Euro Forecast was Accurate Last Week, but now what?
--- 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.