FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

ssi_aud-usd_body_Picture_10.png, FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

AUDUSD – Retail forex trading crowds have bought aggressively into Australian Dollar weakness against the US Dollar (ticker: USDOLLAR), and our contrarian view of crowd sentiment leaves us in favor of further AUDUSD weakness. Last week we likewise wrote of a key technical turnaround and that one of our sentiment-based trading strategies had sold AUDUSD from $1.0546. Betting on major reversals is always risky, but we see further evidence that the Australian Dollar set an important top versus its US namesake.

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

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9334+0.0008+0.08%
    AUDUSD=X
    0.5561+0.0007+0.13%
    AUDGBP=X
    0.6757+0.0005+0.07%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg