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- UOB Group (based on FXStreet)
Pair's Outlook
Relatively poor US fundamental data helped the Australian Dollar to recover from its intraday losses against the US counterpart on Friday, with the pair ultimately closing with a 30-pip rally. However, the AUD/USD pair opened with a small bearish gap, right on top of the 0.70 mark, suggesting that the Aussie is not ready to maintain trade above this mark. As a result, the commodity currency is expected to close in the red zone today, with the weekly pivot point at 0.7638 being the closest support to limit the losses. Technical studies, on the other hand, are unable to confirm the possibility of the negative outcome today.
Traders' Sentiment
Market sentiment remains strongly bearish at 64%, compared to 57% on Friday. The number of orders to purchase the Aussie, however, remains unchanged at 52%.
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