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Australian Dollar may have Set Tradable Top

Australian Dollar may have Set Tradable Top

2013-10-24 15:00:00
David Rodriguez, Head of Product
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ssi_aud-usd_body_Picture_23.png, Australian Dollar may have Set Tradable Top

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Australian dollarRetail FX traders remain short the Australian Dollar versus its US namesake, but a recent shift towards buying warns of a potentially important AUDUSD turn.

Trade Implications – AUDUSD: Past performance is NOT indicative of future results, but our SSI-based Momentum2 strategy has done well trading the AUDUSD. It most recently sold the Australian Dollar from $0.9654 as crowds bought into weakness. Our Senior Technical Strategist underlines the risk of an important turn lower in the AUDUSD, and a break below $0.9510 would help confirm a key top.

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

ssi_aud-usd_body_Picture_24.png, Australian Dollar may have Set Tradable Top

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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