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- Commerzbank (based on FXStreet)
Pair's Outlook
Once again the Aussie managed to outperform its US counterpart yesterday, adding additional 36 pips. However, the bullish momentum was not strong enough to retake the 0.75 major level, as resistance there is bolstered by the monthly S1 and the weekly R1. Consequently, bears are expected to prevail today, causing the Australian currency to experience a setback in its recovery plan. Furthermore, fundamental data is likely to keep weighing on the pair, making it more difficult for the commodity currency to edge higher again. Meanwhile, technical indicators also suggest the AUD/USD pair is to suffer a loss today.
Traders' Sentiment
Market sentiment shifted to the bearish side, as 51% of all open positions are short today, compared to 49% yesterday. The number of buy orders added 20% points over the day, having risen to 66%.
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