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- Rabobank (based on Reuters)
Pair's Outlook
The Aussie succeeded in outperforming the US Dollar on Tuesday, piercing the immediate resistance cluster, but failing to put the 55-day SMA to the test. A breach of the 55-day SMA is required in order for the AUD/USD currency pair to successfully retake the 0.75 mark, but another bullish development today is doubtful. According to the pair's current trend, the Antipodean currency is to undergo a small correction, before it can continue to edge higher again. In this case the weekly R1 and the Bollinger band form a potential support cluster at 0.7440, which is to prevent the exchange rate from falling deeper down. Technical studies, however, are unable to confirm the scenario.
Traders' Sentiment
Now three quarters (75%) of traders are long the Aussie (previously 72%). Meanwhile, the number of buy orders slid from 60 to 49%.
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