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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 86.39%, while traders in France 40 are at opposite extremes with 80.36%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/C7lSlkKBzc
  • 🇨🇳 Caixin Composite PMI (APR) Actual: 54.7 Previous: 53.1 https://www.dailyfx.com/economic-calendar#2021-05-07
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  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/nhdUL1jlaI
  • Heads Up:🇦🇺 RBA Statement on Monetary Policy due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-07
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/R9U2jLoAD3
  • #NOK #NZD and #AUD are expected to be the most-active #G10 FX against the US Dollar with one-week implied volatility at 11.20, 9.05 and 9.05 respectively [delayed] -BBG
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your #Dogecoin market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/kAJapqX1Yi
Australian Dollar Forecast Unchanged – Further Losses Likely

Australian Dollar Forecast Unchanged – Further Losses Likely

David Rodriguez, Head of Product
Australian Dollar Forecast Unchanged – Further Losses Likely

Why and how do we use the SSI in trading? View our video and download the free indicator here

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.

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