Australian Dollar Remains Likely to Fall Further
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AUDUSD – Our retail forex trader sample shows that the majority of traders remain long the Australian Dollar versus the US Dollar, and indeed this has remained the case since the pair crossed below $0.80 in May. A contrarian view of crowd sentiment thus leaves us focused on further AUD/USD weakness.
A failure to hold major support at $0.7000 and five-year lows of $0.6900 would shift targets to the Financial Crisis bottom near $0.6300.
See next currency section:NZDUSD - New Zealand Dollar Outlook Mixed, but Watch this Price Level
--- 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.