Australian Dollar Poised for Continued Weakness

By DailyFx | August 21, 2014 AAA

DailyFX.com - Australian Dollar Poised for Continued Weakness

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSD The majority of retail traders have remained long the Australian Dollar versus the USD since the pair turned lower from July highs near $0.9470. Our trading bias remains in favor of AUDUSD weakness.

Trade Implications – AUDUSD:The recent AUD bounce off of multi-month lows suggests that the pace of declines might slow, but we believe that a breakabove month-to-date highs near $0.9360 is necessary to call for a more important bounce. We would likewise need to see crowds selling into any such AUDUSD rally.

See next currency section: SPX500 - S&P 500 Seems Unbreakable, We Favor further Gains

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Remains Range-Bound As Dojis Highlight Hesitation
    Forex News

    AUD/USD Remains Range-Bound As Dojis Highlight Hesitation

  2. Pound to Fall on Ebbing BOE Rate Hike Bets if 3Q UK GDP Underperforms
    Forex News

    Pound to Fall on Ebbing BOE Rate Hike Bets if 3Q UK GDP Underperforms

  3. AUD/USD Technical Analysis: Still Looking for Direction
    Forex News

    AUD/USD Technical Analysis: Still Looking for Direction

  4. AUD/USD Triangle Break Near?
    Forex News

    AUD/USD Triangle Break Near?

  5. US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen
    Forex News

    US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen

Trading Center