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Australian Dollar Likely to Continue Lower

Australian Dollar Likely to Continue Lower

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– Retail FX traders continue buying aggressively into Australian Dollar losses, and a contrarian view of ‘crowd’ sentiment acts as signal the AUD/USD may continue lower. Indeed, our data shows the majority of retail speculators most recently turned long as the pair crossed below $0.7600 through early May and have remained long without interruption.

Until we see a substantive turn in retail trader positioning, we believe the Australian Dollar may continue to fall versus its US namesake.

See next currency section: US Oil - Oil Prices Likely to Continue to Gain

--- 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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