Australian Dollar Likely to Break Lower versus Greenback
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Trade Implications – AUDUSD:The Aussie Dollar remains in a tight trading range, and there’s clear risk that consolidation could lead to a significant breakout or breakdown. Given such one-sided crowd sentiment we believe such a break will be lower. There seems to be little in the way of a test of multi-year lows near $0.8650, and a further break would target 2010 troughs at $0.8100.
See next currency section: NZDUSD - New Zealand Dollar Targets Fresh Lows
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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