Australian Dollar Poised for Further Losses versus US Dollar

By DailyFx | July 31, 2014 AAA

DailyFX.com - Australian Dollar Poised for Further Losses versus US Dollar

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

AUDUSD A substantial shift in retail FX positioning warns that the Australian Dollar may trade to fresh lows versus the US Dollar.

Trade Implications – AUDUSD: Last week we noted a major spike in real FX volume as signal that the Aussie was on pace for a major test of key highs, and the subsequent reversal helps confirm that this was an in fact an important turning point. Retail traders are now their most net-long AUDUSD since it traded off of $0.9200 just two months ago.

At that point it marked an important low, but a break of key support warns that the Aussie has further room to fall unless we see a significant shift in crowd sentiment. Multi-month lows near $0.9200 remain a key line in the sand.

See next currency section: SPX500 - Need to See a Larger Move to Confirm S&P 500 Top

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center