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AUDUSD – The retail FX trading crowd has trimmed AUDUSD long exposure during the rally (profit taking), while increasing their short exposure the past several days.
Trade Implications – AUDUSD: AUDUSD continues to recover from its fall to $0.8700, and recent economic data hasn’t provided a clear fundamental direction for the economy. Nevertheless, a move through 0.9085 would result in the 2014 high being broken, after price action in January produced a break of the 2013 low. A weekly close above 0.9085 would put focus to the topside going forward, and we thus retain a mixed bias as we await further clarity.
--- Written by Christopher Vecchio, Currency Analyst
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