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Breaking news

Bank of Japan keeps policy unchanged, upgrades FY22 and FY23 inflation outlook to 1.1%

Australian Dollar Sees No Relief in Sight

Australian Dollar Sees No Relief in Sight

David Rodriguez, Head of Product
ssi_aud-usd_body_Picture_19.png, Australian Dollar Sees No Relief in Sight

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Australian dollarRetail forex trading crowds continue to buy aggressively into Australian Dollar weakness, and our sentiment-based Momentum2 strategy has done well selling into AUDUSD declines and buying into EURAUD strength.

Trade Implications – AUDUSD: The Australian Dollar is currently at its worst consecutive weekly decline since 1986, and it’s obvious that overall momentum is stretched. Yet we see little reason to call for a meaningful reversal.

As long as crowds continue buying Australian Dollar weakness, our sentiment-based trading strategies will continue to sell.

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

ssi_aud-usd_body_Picture_20.png, Australian Dollar Sees No Relief in Sight

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

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