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it needs to take a break. The U.S. stock market, which has been supporting the dollar rally, is starting to struggle."
- Bank of America Merrill Lynch (based on Reuters)
Pair's Outlook
The AUD/USD pair dived to new lows today, breaking below the weekly S1 at 0.778. The next support level should be met at the 2007 year low, the 0.769. On the upside, a resistance level stands near, which is the weekly S1 at 0.778. Meanwhile, the pair is highly oversold currently, yet, most of the indicators are still linking toward selling the cross.
Traders' Sentiment
The 50– pip pending orders are still set on the bearish side, since about 43% of traders hold longs. Meanwhile, the 100– pip orders have the same bearish sentiment and about 46% of traders would want to buy the pair.
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