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Australian Dollar May Continue Lower versus US Dollar

Australian Dollar May Continue Lower versus US Dollar

David Rodriguez, Head of Product
Australian Dollar May Continue Lower versus US Dollar

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

AUDUSD– Retail FX traders have bought into recent Australian Dollar weakness against the US Dollar, and the sudden shift in sentiment warns that the AUD/USD may continue lower through near-term trading.

Indeed, our data shows that overall retail positions are once again net-long the Australian Dollar for the first time since mid-November. A contrarian view of crowd sentiment favors further near-term weakness. \

See next currency section:NZDUSD - New Zealand Dollar Outlook Calls for Gains

--- 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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