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– Commerzbank (based on FXStreet)
Pair's Outlook
On Monday the Antipodean currency gained value against the US Dollar, reaching the target of 0.7575. Due to a tough resistance located around the 0.7575 mark, the AUD/USD pair was unable to maintain trade at such highs, ultimately slipping under 0.7540. Technical indicators today keep suggesting the Aussie is to sustain a loss, which is quite possible, as there is little room for a rally. Meanwhile, the nearest area to limit the losses is located just under the 0.75 major level, represented by the weekly pivot point and the 100-day SMA. Losses are unlikely to exceed this area, as the only market driver today tends to have a lesser impact.
Traders' Sentiment
Today 53% of traders hold long positions, compared to 52% on Monday. The number of buy orders, however, slid from 55 to 49%.
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