Australian Dollar Forecast to Gain Further
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AUDUSD– Retail FX traders heavily short the Australian Dollar, and overall the trend favors continued AUD/USD gains. And indeed the US Dollar seems to be on the verge of a larger breakdown which would q likely push the AUD to further highs.
Our data shows 61 percent of all AUD/USD positions are short; a contrarian view of crowd sentiment gives us a bullish trading bias. Only a sharp shift in the opposite direction would change our Australian Dollar forecast.
See next currency section: XAUUSD - Gold Prices Hold Support, Likely to Hit Further Highs
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.