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– Commonwealth Bank (based on Business Recorder)
Pair's Outlook
The Australian Dollar behaved according to expectations on Friday, having experienced another decline against the US counterpart, but remaining above the 0.76 major level. Technical indicators keep suggesting the AUD/USD currency pair is to appreciate on Monday, but the bullish momentum is seen limited, as trade opened just under a relatively strong resistance cluster today. As a result, the 0.7642 level is seen as the highest level that could be reached today. On the other hand, more weakness is also possible in the upcoming days, which would imply another retest of the ten-month up-trend around 0.7550.
Traders' Sentiment
Today 65% of traders have a negative outlook towards the Aussie, compared to 68% on Friday. At the same time, the number of orders to sell the Australian currency edged up from 46 to 62%.
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