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– UBS (based on Business Recorder)
Pair's Outlook
The Aussie managed to almost completely erase Wednesday's losses yesterday, as the ascending channel's support line provided sufficient impetus for a rally. The AUD/USD currency pair appears to be struggling to climb over the weekly R1 this week, located at 0.7584, thus, risks of another leg down are present today. As a result, the pair could breach the channel's lower boundary and drop back under 0.75 mark if the American Dollar receives a boost today. From a technical perspective, the Australian currency should strengthen against the Buck and preserve the pattern. Technical indicators are also in favour of the positive outcome.
Traders' Sentiment
Today 61% of all open positions are short, compared to 60% previously. Pending orders are still equally divided between buy and sell ones.
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