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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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