Australian Dollar Forecast Unchanged – Further Losses Likely
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AUDUSD – The retail forex trading crowd remains aggressively long the Australian Dollar versus the US Dollar, and a contrarian view of ‘herd’ sentiment warns that the AUD/USD may continue onto fresh lows. And indeed the majority of traders in our sample 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 Rally Proves Short-Lived
--- 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.