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- BNP Paribas (based on Reuters)
Pair's Outlook
Yesterday there was a calm on the forex sea ahead of today's possible storm. The Aussie remained flat against the US counterpart, managing to retain its position on top of the 0.75 psychological level. Uncertainty remains in the wind, with eyes turned to the Fed meeting. Another positive for the Aussie development could lead the exchange rate towards the 100-day SMA at 0.7579, completely ignoring the 55 and the 200-day SMAs. Despite all downside risks, the overall trend seems to be unchanged, with bulls successfully pushing the pair higher for the fourth consecutive week.
Traders' Sentiment
Traders' sentiment is bearish, with 67% of all open positions being short (previously 61%). Meanwhile, there are 65% of all pending orders to purchase the Aussie, up from 42% on Tuesday.
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