Australian Dollar Remains a Sell
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AUDUSD – Retail FX traders continue buying aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us focused on further AUDUSD declines.
Trade Implications – AUDUSD:The majority of traders in our sample have remained long the Australian Dollar as it failed to break above $0.9500 in July. Obviously we can’t expect that such signals will often provide us with opportunities for trades with ~1000 pips of profit potential. Yet until we see a material shift in sentiment we will continue to call for Australian Dollar weakness.
See next currency section: NZDUSD - New Zealand Dollar Poised to Depreciate Further
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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