We Like Selling Australian Dollar Bounces
Trade Implications – AUDUSD: Our sentiment-based trading strategies continue to sell the Australian Dollar versus the USD and Japanese Yen on the clearly one-sided positioning. Retail long interest has gained a further 14 percent since last week, while total short positioning has fallen 5 percent. Our preference remains to sell the Australian Dollar breakdown.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.