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Australian Dollar Downtrend Remains Intact

Australian Dollar Downtrend Remains Intact

David Rodriguez, Head of Product
Australian Dollar Downtrend Remains Intact

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See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

AUDUSD – Retail FX traders have most recently sold into the Australian Dollar bounce versus the US Dollar, but overall positioning remains heavily long and acts as a contrarian signal that the AUD/USD may continue lower. Indeed retail traders first turned net-long the Australian Dollar as it crossed below the $0.80 mark in May.

The very recent shift in retail positioning warns that the pace of AUD declines may slow. Yet the broader trend leaves us steadily in favor of selling into declines.

See next currency section:NZDUSD - New Zealand Dollar Forecast Points to Losses

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

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