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Australian Dollar Forecast Calls for Further Weakness

Australian Dollar Forecast Calls for Further Weakness

David Rodriguez, Head of Product
Australian Dollar Forecast Calls for Further Weakness

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

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