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- IG Securities (based on WBP Online)
Pair's Outlook
The RBA's statement about holding interest rates was insufficient to keep the AUD/USD elevated through all of the day yesterday. Upon reaching the 0.73 mark, the given pair returned to the Monday's opening price. The down-trend remains intact, while the double bottom neckline keeps providing resistance and preventing the Aussie from rising. As a result, the Antipodean currency is likely to retreat today, despite technical indicators retaining bullish signals. Immediate support is located at 0.7227 (monthly R1), but risks of falling deeper down to the cluster around 0.7175 persist.
Traders' Sentiment
Bullish traders' sentiment returned to its Monday's level of 73%. The ratio of buy and the sell commands is now equal to one.
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