Australian Dollar Downtrend Intact for this Reason
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Trade Implications – AUDUSD:Last week noted that the AUDUSD was on the verge of breaking month-to-date highs near $0.9360, and such a move would shift our trading bias higher. Yet the Aussie currency pulled back from key levels, and retail sentiment has not shifted in any real way. It’s once again testing resistance, but until we see a more substantive swing in sentiment we’ll remain in favor of short positions.
See next currency section: SPX500 - S&P 500 Remains Primed For Gains until this Changes
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.