Australian Dollar Remains a Sell until this Changes
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Trade Implications – AUDUSD:Our data on retail trader open positions shows that long orders outnumber those short by 2.4 to 1. Indeed traders have remained net-long since the pair traded below $0.9400 through late July. It is worth noting that the Aussie Dollar has thus far held above year-to-date lows near $0.8670, but we would need to see a substantial shift in sentiment before abandoning our bearish trading bias.
See next currency section: NZDUSD - New Zealand Dollar Shows Signs of Turnaround
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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