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- RBC Capital Markets (based on FXStreet)
Pair's Outlook
The Aussie behaved in accordance with expectations yesterday, having closed relatively flat, with just a 10-pip loss against the US Dollar. Oil prices keep underpinning the Australian Dollar, preventing it from sustaining sharp losses. At the moment, the main threshold for the AUD/USD pair is the 0.76 major level, which is required to be reclaimed if the commodity currency is to have any chance at continuing its two-year up-trend. From below the pair is anticipated to first cross the 0.75 mark, which would most likely imply that the Aussie could then reach the May 2016 low of 0.7145. No significant changes are expected until Friday, when the US NFP data is to be released.
Traders' Sentiment
Today 70% of all open positions are short (previously 72%), whereas 64% of all pending orders are to sell the Aussie, up from 60% yesterday.
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