Further Australian Dollar Declines Seem Likely
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Australian dollar – Retail forex traders continue buying aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us in favor of AUDUSD weakness.
Trade Implications – AUDUSD: Our purely retail sentiment-based Momentum2 strategy has had mixed results trading the Australian Dollar as of late; it attempted to buy into the AUDUSD bounce off of multi-month lows.
Yet the same strategy is likely to sell once more, and our Senior Technical Strategist favors staying short against important AUDUSD resistance at $0.9542.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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