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– Westpac (based on FXStreet)
Pair's Outlook
In spite of weak US fundamental data last Friday, the Australian Dollar still experienced a rather sharp decline against its US counterpart, therefore, providing the for-year down-trend with an extra confirmation. Today technical studies retain bullish signals, implying that the AUD/USD currency pair could appreciate again. The down-trend remains the main obstacle, which is now also bolstered by the weekly PP. The bullish trend should not be ruled out just yet, as long as the three-month support line around 0.76 holds. Even if bears take over the market today, the pair is expected to find support at 0.7620, rather than the 0.76 mark.
Traders' Sentiment
Market sentiment remains strongly bearish, as 72% of all open positions are short, while the share of buy orders slid from 70 to 43%.
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