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AUDUSD – Retail FX crowds remain steadily long the Australian Dollar versus its US namesake, and a contrarian view of ‘herd’ sentiment leaves us with a similarly steady bearish trading bias. It currently trades just above key support at $0.7250, and further breakdown offers little in the way of concrete support until the psychologically significant $0.7000 level.
See next currency section: NZDUSD - New Zealand Dollar Reversal is Short-Lived, Declines Likely
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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