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Australian Dollar Likely to Continue Lower

Australian Dollar Likely to Continue Lower

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.

There has been a marginal shift towards selling since last week, but it would take a much larger change in sentiment to provide evidence that the downtrend is over.

See next currency section: NZDUSD - New Zealand Outlook Unclear until this Shifts

--- 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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