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Australian Dollar Downtrend Intact, We Like Selling

Australian Dollar Downtrend Intact, We Like Selling

2014-05-01 14:15:00
David Rodriguez, Head of Product
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Australian Dollar Downtrend Intact, We Like Selling

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Australian DollarRetail FX traders remain long the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment keeps us looking for AUDUSD weakness.

Trade Implications – AUDUSD: Traders recently turned net-short AUDUSD as it traded into multi-month highs, but the move below $0.9350 once again left crowds long. As long as traders continue buying, we’ll remain in favor of selling. A hold below last week’s high likewise leaves our technical forecast calling for a test of key support at $0.9205 and $0.9138.

See next currency section:EURUSD - Euro Remains in the Driver's Seat versus US Dollar

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

Australian Dollar Downtrend Intact, We Like Selling

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

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