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- Royal Bank of Canada (based on MarketWatch)
Pair's Outlook
As suggested by the weekly and monthly technical indicators, AUD/USD stalled ahead of the falling resistance line at 0.8950 and started negating recent gains. If the course south is maintained, the first notable support the Aussie is going to encounter is the 55-day SMA at 0.8890/88. In case this demand area is breached, the monthly pivot point and the August low will be exposed.
Traders' Sentiment
The current percentage of open long positions (64%) is still below the 10-day average of 69.5%, meaning that even though for the most part traders remain bullish with respect to the Australian Dollar, they are significantly less convinced that the currency is going to appreciate relative to its U.S. counterpart.
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