AUDUSD – Retail forex traders recently hit their largest-ever AUDUSD-long position on record, and our contrarian trading systems sold AUDUSD in anticipation of further declines.
Trade Implications – AUDUSD: Yesterday we wrote on a number of key reasons why we liked trading the Australian Dollar lower as it broke key lows, and indeed we continue to believe that the AUDUSD could fall further.
Max risk on our preferred AUD-short position remains above $1.0260, while short-term targets are at $1.0115 and $0.9980.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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