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USD Trading Outlook (12-08-2013)

The AUD has started to unwind some of its over-sold technical and positional tendencies. There have been some decent gains made against all of the other majors but with resistance levels looming against the USD. JPY and EUR, the easy short-term money has probably been already made. Overall I like the idea of being long AUD/USD but we could easily see a re-test of levels near .9000 before more topside develops. Not much on today’s economic calendar so it will again be all about positioning.

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