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Australian Dollar Forecast Calls for Further Weakness

Australian Dollar Forecast Calls for Further Weakness

David Rodriguez, Head of Product

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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 steadily long the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment leaves our long-standing bearish trading bias intact. The majority of traders in our sample have remained long since the pair crossed below $0.80 in May.

It is worth noting that positioning is actually less net-long since last week; total open short positions rose 10 percent while longs fell 14 percent. Yet we would need to see a much more significant shift to call for a meaningful reversal.

See next currency section: NZDUSD - New Zealand Outlook Remains Bearish

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

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Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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