Australian Dollar Likely to Depreciate until this Changes
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Trade Implications – AUDUSD:Our data shows that retail traders have remained long the AUDUSD since it traded below $0.9400 through late July, and continued crowd buying leaves our sentiment-based forecast clear. Our Senior Technical Strategist highlights $0.8750 as a potential reaction point to the downside. We would nonetheless need to see a material shift in trader positioning before buying the Australian Dollar.
See next currency section: NZDUSD - New Zealand Dollar at Risk of Major Breakdown
--- 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.