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AUDUSD – Trading crowds remain short the Australian Dollar versus its US namesake, and a contrarian view of sentiment points to further AUDUSD gains.
Trade Implications – AUDUSD: In recent weeks we’ve written in favor of Australian Dollar strength amid sentiment extremes and a shift in positioning. This week is little different except to note that the Aussie currency faces a key test at year-to-date peaks near $0.9450. Only a break below key support near $0.9315 and a change in retail positioning would change our trading bias.
See next currency section: GOLD - Gold Targets Fresh Peaks amid Key Shift
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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