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Australian Dollar May Continue to hold Key Support

Australian Dollar May Continue to hold Key Support

David Rodriguez, Head of Product
Australian Dollar May Continue to hold Key Support

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AUDUSDA sharp shift in Australian Dollar sentiment gives us reason to believe the AUDUSD may remain above key support.

Trade Implications – AUDUSD: Last week we highlighted that retail long positions on the Australian Dollar hit their highest levels on record, providing contrarian signal that the pair could continue lower. Yet those longs have fallen by more than 40 percent in the past 8 days.

It’s clear in retrospect that the sharp jump in buying represented a short-term sentiment extreme. And given the extremely low-volatility environment, we expect the AUD to remain above key support.

See next currency section: GOLD - Gold at Potentially Substantial Turning Point

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

Australian Dollar May Continue to hold Key Support

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