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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
We underestimated the Aussie's strength, and thus the AUD/USD pair overperformed dramatically. The third closest resistance level was pierced, as the Australian Dollar gained 131 pips. Moreover, the Aussie tried to reach for the weekly R3, but closed trade just under 0.80 . Technical indicators retain bullish signals, suggesting another surge today. The 0.80 level is likely to be breached, while the weekly R3 should limit any further gains. Nonetheless, if US fundamentals disappoint once more, we might see the AUD/USD rise even towards the 200-day SMA around 0.81.
Traders' Sentiment
Today 69% of traders are long the Aussie (previously 66%). The percentage buy orders added two percentage points up to 52%.
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