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Australian Dollar Outlook Uncertain until this Changes

Australian Dollar Outlook Uncertain until this Changes

David Rodriguez, Head of Product
Australian Dollar Outlook Uncertain until this Changes

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

AUDUSD– A substantial US Dollar sell-off leaves the Australian Dollar higher through recent trading, but a fairly muted shift in retail forex trader sentiment gives little reason to expect this AUD/USD rally will be sustained.

Our data shows that retail traders are almost exactly neutral on the AUD/USD—51 percent of current open positions are long. Traders have most recently sold into AUD gains, and short interest is up 9 percent since last week. Yet we would need to see a more sustained shift towards selling to call for a larger AUD/USD breakout with real confidence.

See next currency section:NZDUSD - New Zealand Forecast Points to Further Gains

--- 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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