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Australian Dollar Remains a Buy until this Changes

Australian Dollar Remains a Buy until this Changes

David Rodriguez, Head of Product
Australian Dollar Remains a Buy until this Changes

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

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

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