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- Commonwealth Bank (based on the Australian)
Pair's Outlook
The pair's down-trend has been halted by the monthly S2 and weekly S1 at 0.8280/42. For now the previously mentioned supports have not let the AUD/USD cross to retreat lower; however, with the daily and weekly technical indicators being bearish it remains at least a possibility. Nonetheless, if the pair stops its decline around the current levels then most likely the pair will consolidate around the monthly S2 at 0.8280.
Traders' Sentiment
There is strong conviction in the market that the Pound is heavily overvalued, being that as many as 71% of open positions are currently long. As for the orders, the amounts of buy (31%) and sell (69%) ones are widening.
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