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– Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
The Australian Dollar gave back ground to the Greenback during the first half of Tuesday's trading session, as the currency exchange rate had fallen and touched the 0.7173 level. However, the fall did not begin on Tuesday. The rate bounced off the 0.7240 mark during the second half of Monday's trading session. This move lower was expected and is most likely to continue. The fall of the Aussie had been long forecasted and described, as the currency losses ground against other currencies in various patterns.
Traders' Sentiment
SWFX market sentiment is bearish, as 55% of open positions were short on Tuesday. However, by mid-Tuesday 71% of trader set up orders were to sell the Aussie.
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