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AUDUSD– Retail FX traders have bought into recent Australian Dollar weakness against the US Dollar, and the sudden shift in sentiment warns that the AUD/USD may continue lower through near-term trading.
Indeed, our data shows that overall retail positions are once again net-long the Australian Dollar for the first time since mid-November. A contrarian view of crowd sentiment favors further near-term weakness.
See next currency section:NZDUSD - New Zealand Dollar Outlook Calls for Gains
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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