Australian Dollar Downtrend Intact - When is the Next Trade?
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AUDUSD – Retail forex traders remain steadily long the Australian Dollar, acting as contrarian signal that it may continue lower against its US namesake.
Trade Implications – AUDUSD: We would ideally see bigger sentiment extremes getting aggressively bearish AUDUSD, as only 58% of traders in our sample are currently long. That said, they have mostly bought the Australian Dollar since January and it remains in clear downtrend. We would need to see a major shift before changing our bearish long-term trading bias.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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