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Australian Dollar Likely to test Key Lows

Australian Dollar Likely to test Key Lows

David Rodriguez, Head of Product
Australian Dollar Likely to test Key Lows

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSD Retail FX traders remain heavily long the Australian Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us firmly in favor of selling into weakness. It is worth noting that positioning has moderated since last week; short positions are up 24 percent while long positions are up a much lesser 6 percent. Until we see a more sustained shift towards selling, however, we will stick to our contrarian AUD-trading bias.

See next currency section:NZDUSD - New Zealand Dollar Forecast to Tumble Further

--- 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.

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