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AUDUSD– Our retail FX trader data shows that the majority of traders continue to sell into Australian Dollar gains versus the US Dollar, and a contrarian view of crowd sentiment leaves us watching for further AUD/USD gains.
It’s worth noting that positions have moderated somewhat since last week; open short positions are down 14 percent while long positions are up 6 percent. Yet we would need to see a more sustained shift in sentiment to call for a meaningful Australian Dollar reversal lower.
See next currency section: NZDUSD - New Zealand Dollar Forecast to Continue Higher
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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