Australian Dollar Downtrend Remains Intact
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Australian dollar – Retail FX traders remain heavily long the Australian Dollar, and a contrarian view of crowd sentiment leaves us in favor of continued weakness.
Trade Implications – AUDUSD: A recent shift in positions actually led our sentiment-based Momentum2 strategy to get long AUDUSD from $0.8901 and short the EURAUD from A$1.5391. Yet a hold below key resistance at $0.9000 would leave our AUD-bearish trading bias intact.
--- 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.