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Australian Dollar Forecast Turns Clearly Bearish

Australian Dollar Forecast Turns Clearly Bearish

David Rodriguez, Head of Product

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

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.