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Australian Dollar Forecast to Hit Further Highs

Australian Dollar Forecast to Hit Further Highs

David Rodriguez, Head of Product

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

AUDUSD– An aggressive shift in retail forex trader positions warns that the Australian Dollar may continue higher through the foreseeable future. Our retail trader data shows that a notable 65 percent of open AUD/USD positions are currently short. We most often use the SSI as a contrarian indicator to price action; if everyone is selling we look to buy and vice versa.

The aggressive turn towards AUD/USD selling thus leads us to believe the pair will continue higher. And indeed it would take a substantive turn in the opposite direction to negate our bullish forecast.

See next currency section: XAUUSD - Gold Prices Likely to Continue Higher Until this Changes

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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