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– Stephen Innes, OANDA (based on The Business Times)
Pair's Outlook
The Australian Dollar overperformed on Monday, having successfully retaken the 0.77 level and encountering resistance only at the 0.7730 area. A mild correction today would be the best outcome, as it would provide the AUD/USD pair's bullish trend with another confirmation. At this point, another cross of the 0.77 mark is unlikely to change the trend. A perfect close for the current outlook would be a close at the 0.7690 mark, but a sharper decline is also possible, as the nearest support rests only circa 0.7645, namely the weekly PP and the 20-day SMA. Meanwhile, technical indicators are unable to confirm the scenario, as they keep giving bullish signals.
Traders' Sentiment
There are 63% of traders being short the Aussie (previously 67%). At the same time, the portion of buy orders increased from 49 to 63%.
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