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- BBH (based on FXStreet)
Pair's Outlook
As anticipated, the weekly PP prevented the Aussie from appreciating against its US counterpart for yesterday, which resulted in a plunge to 0.7110. Today the Australian Dollar tested the weekly PP again, only to be pushed even lower, namely under the 0.71 psychological level. Immediate support lies around 0.7035, represented by the lower Bollinger band and weekly S1, but is unlikely to be reached. Instead the AUD/USD should stabilise near 0.7070, as that area not prevented the pair from edging lower during the previous week, but also caused a rebound.
Traders' Sentiment
Bullish traders' sentiment remains unchanged at 74%, whereas the portion of purchase orders declined from 44 to 43%.
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