Australian Dollar Forecast to Fall Further
AUDUSD – Forex trading crowds remain aggressively long the Australian Dollar, and such one-sided sentiment leaves us in favor of further AUDUSD weakness.
Trade Implications – AUDUSD: Our sentiment-based trading strategies have recently sold the Australian Dollar versus the US Dollar and Japanese Yen, but both positions were closed on an AUD bounce. That said, our preference remains to sell Aussie Dollar strength through the foreseeable future.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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