Australian Dollar Downtrend Intact, but for How Long?
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AUDUSD – Retail traders remain net-long the Australian Dollar and have remained so since the pair crossed below the $0.80 mark in May. As long as that remains the case we see little reason to shift from our long-standing contrarian bearish trading bias. Yet it’s worth noting that total long interest has recently fallen to its lowest in over a month.
Suffice it to say it will be important to watch the next moves in the AUD and relative moves in sentiment. We will otherwise remain cautiously bearish until further notice.
See next currency section:NZDUSD - New Zealand Dollar Forecast Remains Cautiously Bearish
--- 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.