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- Brown Brothers Harriman (based on Reuters)
Pair's Outlook
Last Friday, the AUD/USD currency pair behaved almost according to the forecast. The Aussie appreciated against the US Dollar, as it crossed the 100-day SMA and even tested the upper Bollinger band. Ultimately, the 0.78 level was overcome and the pair settled at 0.7821. A correction should take place today, despite technical studies retaining mixed signals. The Australian Dollar is likely to cross back through the 0.78 level, while immediate support rests at 0.7784, represented by the weekly PP.
Traders' Sentiment
Market sentiment slightly improved, as today 67% of traders are long the Aussie (previously 66%). The portion of purchase orders also increased, from 35 to 46%.
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