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AUDUSD – A massive swing in retail forex sentiment warns that the Australian Dollar may continue lower versus the US Dollar.
Trade Implications – AUDUSD: Retail FX crowds recently hit their largest long position on record as the pair turned sharply lower. A contrarian view of crowd sentiment leaves us firmly in favor of further weakness, and a further break of key technical support levels would likely produce an acceleration in AUD declines.
See next currency section: GOLD – Gold at Material Risk of Further Breakdown
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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Australian Dollar Forecast Favors Continued Weakness
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