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- Greg McKenna, Axitrader (based on The Business Times)
Pair's Outlook
As was anticipated, the Aussie easily appreciated against the US counterpart on Friday, thus, successfully confirming the ascending channel's lower boundary again. Even though the Australian Dollar almost fully erased intraweek losses on Friday, it was still unable to maintain trade above 0.7680, which suggests that the pair might not be done with retesting the channel's support line yet. As a result, another bearish development today is expected, with the weekly PP being the nearest support at 0.7650 and the trend-line located slightly lower—at 0.7636.
Traders' Sentiment
There are now 63% of traders with a negative outlook towards the Aussie, compared to 68% on Friday. At the same time, the number of sell orders increased, namely from 58 to 67%.
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