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Australian Dollar Forecast to Gain Further

Australian Dollar Forecast to Gain Further

2016-03-17 15:40:00
David Rodriguez, Head of Product
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Australian Dollar Forecast to Gain Further

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

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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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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