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According to analysts at TD Securities, despite positioning still skewed short, the combination of its loss of high yielding status (to the USD most notably), trade exposure and lack of a credible central bank shift suggest AUD will not be as enthusiastic of a participant in the event risk stabilizes.

Key Quotes

“NZD remains the lesser of two evils and a return to the cycle lows in AUDUSD should not be ruled out. We fade moves towards trendline resistance near 0.7350.”