Australian Dollar Poised for Continued Weakness
Dailyfx | Aug 21, 2014 11:11AM ET
AUD/USD – 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 AUD/USD weakness.
Trade Implications – AUD/USD: 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 AUD/USD rally.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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