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Australian Dollar May Continue Lower versus US Dollar

Australian Dollar May Continue Lower versus US Dollar

David Rodriguez, Head of Product
Australian Dollar May Continue Lower versus US Dollar

Why and how do we use the SSI in trading? View our video and download the free indicator here

AUDUSD– Retail forex traders remain short the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment calls for further near-term gains.

Our data shows that traders have remained net-short with little interruption since the AUD/USD traded above $0.7100 through mid-November. Until this changes we see little reason to call for a meaningful AUD pullback.

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