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Australian dollar – The Australian Dollar likely set a significant top versus the US Dollar, and indeed our sentiment-based trading signals have done well selling the AUDUSD against recent highs.
Trade Implications – AUDUSD: Past performance is NOT indicative of future results, but our SSI-based Momentum2 strategy has done well trading the AUDUSD. It remains short from the $0.9654 mark to good effect, and a broader USD reversal suggests the Aussie Dollar could fall further. Our Senior Technical Strategist warns that a short-term correction is possible, but evidence suggests that the AUDUSD remains a sell on the recent reversal
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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