Australian Dollar Likely to Fall Further
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AUDUSD –The majority of retail forex traders remains long the Australian Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us steadily in favor of selling into AUD/USD gains. And indeed ‘the crowd’ has remained long since the pair crossed below $0.80 in May. Until we see a material shift towards selling we see little reason to abandon our long-standing bearish bias.
See next currency section:NZDUSD - New Zealand Dollar Likely to Rally Further
--- 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.