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Australian Dollar Forecast Favors Continued Weakness

Australian Dollar Forecast Favors Continued Weakness

David Rodriguez, Head of Product
Australian Dollar Forecast Favors Continued Weakness

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSDA massive swing in retail forex sentiment warns that the Australian Dollar may continue lower versus the US Dollar.

Trade Implications – AUDUSD: Retail FX crowds recently hit their largest long position on record as the pair turned sharply lower. A contrarian view of crowd sentiment leaves us firmly in favor of further weakness, and a further break of key technical support levels would likely produce an acceleration in AUD declines.

See next currency section: GOLD - Gold at Material Risk of Further Breakdown

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

Australian Dollar Forecast Favors Continued Weakness

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