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— Commerzbank (based on FXStreet)
Pair's Outlook
The Australian Dollar managed to post some gains against its US counterpart on Tuesday, but was unable to fully erase Monday's losses. Commodity prices, mostly copper, keep weighing on the Antipodean currency, making the upside potential rather limited. The immediate supply area, namely the weekly and the monthly PPs circa 0.7650, could easily contain the price today. Nevertheless, the upside development is practically ensured, being that technical studies are giving bullish signals and the pair is supported by a number of significant SMAs. However, the rally is unlikely to last; a U-turn is anticipated to take place tomorrow.
Traders' Sentiment
Bearish traders' sentiment returned to its Monday's level of 73%, while the portion of buy orders edged up from 46 to 53%.
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