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Australian Dollar – Retail 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
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