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– UBS AG (based on Bloomberg)
Pair's Outlook
The Aussie managed to post more gains against its US counterpart on Wednesday, with trade closing in front of the three-year down-trend. However, the AUD/USD currency pair keeps edging higher today, with the immediate resistance at 0.7627, namely the weekly R2, failing trigger a decline. Consequently, the cluster around 0.7690 will be the next target, but a surge that high is unlikely to take place. A perfect scenario would still be a decline, as technical indicators suggest, while a breach of the down-trend could set the pair on a bullish path until 0.90 is reached.
Traders' Sentiment
Bears keep taking over the market, with 59% of all open positions being short (previously 53%). Meanwhile, the portion of sell orders added nine percentage points, having risen to 62%.
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