FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

ssi_aud-usd_body_Picture_10.png, FOREX ANALYSIS: Australian Dollar Forecast to Fall Further

AUDUSD – Retail forex trading crowds have bought aggressively into Australian Dollar weakness against the US Dollar (ticker: USDOLLAR), and our contrarian view of crowd sentiment leaves us in favor of further AUDUSD weakness. Last week we likewise wrote of a key technical turnaround and that one of our sentiment-based trading strategies had sold AUDUSD from $1.0546. Betting on major reversals is always risky, but we see further evidence that the Australian Dollar set an important top versus its US namesake.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2518-0.0013-0.10%
    USDSGD=X
    1.7322+0.0011+0.06%
    EURSGD=X
    2.0961+0.00010.00%
    GBPSGD=X
    81.6368+0.3405+0.42%
    SGDJPY=X
    6.1940+0.0067+0.11%
    SGDHKD=X
    2.5898+0.0011+0.04%
    SGDMYR=X
    9,130.6689+5.6592+0.06%
    SGDIDR=X
    4.9755+0.0108+0.22%
    SGDCNY=X
    1.1706-0.0025-0.22%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,302.50+2.20+0.17%
    GCM14.CMX
    19.52+0.03+0.16%
    SIK14.CMX
    91.87-1.95-2.08%
    ^XAU
    2.990.00-0.07%
    HGK14.CMX
    103.89+0.14+0.13%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.62+0.02
    ^FVX
    2.63-0.01
    ^TNX
    3.46-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.118-0.005-4.07%
    B22.SI
    1.28+0.025+1.99%
    N21.SI
    0.60+0.010+1.69%
    E5H.SI
    2.20+0.010+0.46%
    JS8.SI
    0.975+0.065+7.14%
    B20.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.675+0.055+8.87%
    5VT.SI
    0.975+0.065+7.14%
    B20.SI
    0.425+0.030+7.59%
    5FD.SI
    1.425+0.075+5.56%
    U19.SI
    0.96+0.055+6.08%
    U2T.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.096-0.011-10.28%
    S13.SI
    0.31-0.015-4.62%
    5SY.SI
    0.30-0.020-6.25%
    502.SI
    0.132-0.008-5.71%
    5BM.SI
    0.17-0.010-5.56%
    5WG.SI