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- Greg McKenna, Axitrader (based on The Business Times)
Pair's Outlook
The AUD/USD currency pair behaved in accordance with expectations on Monday, having declined and reconfirmed the ascending channel's support line. Consequently, the Australian Dollar is now expected to edge higher, as that would preserve the channel pattern. The weekly pivot point, which now acts as the immediate resistance, is unlikely to be of any use today, with the main target being the supply area above the 0.77 mark, namely the weekly R1 and the upper Bollinger band. Technical indicators are bolstering the possibility of the positive outcome, as they keep giving bullish signals.
Traders' Sentiment
Traders remains bearish on the pair, as 64% of all open positions are currently short (up from 63% on Monday). Meanwhile, the number of sell orders inched down from 67 to 57%.
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