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- Westpac (based on WBP Online)
Pair's Outlook
The Australian currency soared against the US Dollar on Friday, amid a sharp rebound in oil prices. As a result, the monthly R3 was overcome, with the AUD/USD currency pair reaching a new eight-month high of 0.7583. However, the Aussie opened lower today, with attempts to reach the 0.76 major level prevented by not only the weekly R3, but also the Bollinger band. Meanwhile, technical indicators are giving mixed signals, suggesting that supply at the immediate resistance could be sufficient to push the pair back under 0.75. In this case, the demand in face of the weekly PP at 0.7513 must first be pierced.
Traders' Sentiment
Today 69% of all open positions are long, in comparison to 67% last Friday. The portion of orders to sell the Australian Dollar also increased, namely from 55 to 60%.
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