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Australian Dollar Outlook Unclear until this Changes

Australian Dollar Outlook Unclear until this Changes

David Rodriguez, Head of Product

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

AUDUSD– Retail FX traders remain heavily short the Australian Dollar, and overall the trend favors continued AUD/USD gains. Yet the most recent AUD/USD pullback has been met with aggressive retail buying—long interest is up 14 percent since yesterday.

The mixed signals give us a similarly unclear trading bias, and we will wait for a clear trend continuation or reversal before taking a strong stance on the AUD/USD.

See next currency section: XAUUSD - Gold Price Forecast May have Finally Turned

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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