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Australian Dollar Forecast Calls for Weakness

Australian Dollar Forecast Calls for Weakness

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 remain net-long the Australian Dollar versus the US Dollar, and a contrarian view of crowd sentiment leaves us focused on continued AUD/USD weakness.

The Australian Dollar remains in a precarious position as it trades near key resistance. Current retail FX trader positioning warns it is likely to fail and trade lower.

See next currency section: NZDUSD - New Zealand Outlook Remains in favor of Depreciation

--- 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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