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- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The Australian Dollar declined against its US counterpart, but remained above the monthly R1. A rebound is likely to occur today, as the Antipodean currency was boosted by the better-than-anticipated Chinese GDP data. However, the Aussie might struggle to return above the 0.73 major level, as the weekly PP lies on its path at 0.7282. On the other hand, the AUD recently completed the double bottom pattern, implying that more strengthening is on the way; unless momentum is slowing down for a triple bottom one.
Traders' Sentiment
There are slightly more traders with a bullish outlook towards the Aussie, namely 73%, compared to 71% on Friday. The portion of buy orders lost four percentage points, sliding down to 52%.
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