Australian Dollar Targets Further Gains versus US Dollar
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AUDUSD – Retail forex traders have sold into Australian Dollar strength versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of AUDUSD gains.
Trade Implications – AUDUSD: Past performance is NOT indicative of future results, but our SSI-based Momentum2 strategy has done well trading the AUDUSD. It most recently went long AUD from $0.9447, and we like said position as long as the AUDUSD remains above its previous year-to-date high at $0.9527.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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