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Australian Dollar Forecast Turns Clearly Bearish

Australian Dollar Forecast Turns Clearly Bearish

2016-01-08 16:20:00
David Rodriguez, Head of Product
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Australian Dollar Forecast Turns Clearly Bearish

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AUDUSD– Retail forex traders have bought aggressively into recent Australian Dollar losses, and a contrarian view of crowd sentiment warns of further AUD/USD declines.

Traders turned net-long the Australian Dollar in dramatic fashion as total open long positions jumped 22 percent, while short positions fell a remarkable 56 percent. Such sharp shifts leave us focused on further AUD downside.

See next currency section:NZDUSD - New Zealand Dollar Trend Turns Lower

--- 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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