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- RBC Capital Markets (based on the Australian)
Pair's Outlook
AUD/USD is likely to set a weekly loss, after appreciating last week; however, today the Aussie has partly reversed the previous losses. The next resistance that the pair will face is the 20-day SMA and weekly PP at 0.8692/0.8708. That could be a indicator whether the pair is poised for a further advances and whether the monthly PP at 0.8785 will be breached. Nonetheless, the weekly technical studies remain strongly bearish, thus this year's low is bearish target.
Traders' Sentiment
Most of the SWFX traders' believe that the Aussie is heavily undervalued, being that as many as 71% of open positions are currently long. As for the orders, the difference between buy (65%) and sell (35%) ones is swinging.
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