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AUDUSD– Retail forex traders have bought aggressively into recent Australian Dollar losses, and a contrarian view of crowd sentiment warns of further AUD/USD declines.
Traders turned net-long the Australian Dollar in dramatic fashion as total open long positions jumped 22 percent, while short positions fell a remarkable 56 percent. Such sharp shifts leave us focused on further AUD downside.
See next currency section: NZDUSD - New Zealand Dollar Trend Turns Lower
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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