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Australian Dollar Sentiment Points to Gains

Australian Dollar Sentiment Points to Gains

2016-08-04 15:45:00
David Rodriguez, Head of Product
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Australian Dollar Sentiment Points to Gains

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

AUDUSD– Retail FX traders are now net-short the Australian Dollar versus the US Dollar, and a contrarian view of ‘crowd’ sentiment leaves us in favor of buying into further AUD/USD gains. This admittedly stands in contrast to what we said a short time ago—traders were previously net-long and we called for weakness. Indeed it has been difficult to establish a long-standing trading bias given choppy AUD price action.

The US Dollar’s recent sell-off against the Euro, Japanese Yen, and other major currencies nonetheless suggests there is room for further USD weakness and AUD/USD strength.

See next currency section: S&P - US S&P 500 Remains a Buy until this Changes

--- Written by David Rodriguez, Senior Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link. 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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