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— Westpac (based on The Business Times)
Pair's Outlook
On Thursday, the AUD/USD currency pair underwent the expected correction, with trade closing at the anticipated point as well. Nevertheless, the Aussie remains strong and is likely to avoid further losses today. Due to lack of strong market movers, no significant developments are expected, with the exchange rate gravitating towards 0.77. Technical indicators are confirming the possibility of a positive outcome today, but a close above 0.7715 is doubtful, as the Australian currency failed to overcome this area basically since November 2016.
Traders' Sentiment
Bears grew stronger, as now 68% of all open positions are short (previously 65%). At the same time, the number of orders to purchase the Aussie inched up from 45 to 52%.
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