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- Westpac (based on FXStreet)
Pair's Outlook
The Aussie edged lower against its US counterpart yesterday, after the US Existing Home Sales data surprised with a stronger figure. Nevertheless, the exchange rate failed to drop far below the 0.78 major level, as there remains a probability of the area being retaken again today. Technical studies are now giving mixed signals, while the resistance cluster below the 0.79 level is likely to prevent the AUD/USD currency pair from appreciating further. Once the pair retakes the 2015 June high of 0.7850, there will be no significant obstacle to keep the Aussie from retesting the three-year down-trend around 0.80.
Traders' Sentiment
Market sentiment is now equally divided between the bulls and the bears, whereas sell orders are now in the majority, taking up 56% of the market, compared to 49% on Wednesday.
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