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- Commerzbank (based on FXStreet)
Pair's Outlook
The Australian Dollar outperformed its US counterpart, after the September interest rate hike became unviable. Nevertheless, the AUD/USD failed to reach the 0.74 major level, as the resistance cluster around 0.7345 slowed down the exchange rate growth. A weak rally suggests the bearish trend remains intact and we should see a slump towards the 0.73 psychological area on Thursday. However, the pair could still end trade slightly higher, as the weekly PP and 20-day SMA now provide support and are likely to slow down the decline.
Traders' Sentiment
Exactly three quarters of all positions are long today, whereas the share of buy orders accounts for 58% of the market, up from 50%.
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