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– Westpac (based on FXStreet)
Pair's Outlook
Thursday ended with the Australian Dollar somewhat breaching the resistance line of the two-month descending channel pattern. Consequently, the commodity currency climbed over the 0.73 major level, but with technical indicators still suggesting a bearish development is due. On the other hand, a breach of the channel's upper border implies bulls are to keep pushing the pair higher. Meanwhile, there are no obstacles for another leg up, while the weekly R3 is preventing the Aussie from edging lower. In case the weekly R3 fails, the cluster around 0.7290 will be the next target.
Traders' Sentiment
Bears remain in the majority, but take up only 53% of the market today, still more than yesterday's 51%. Concerning the pending orders, their share added six percentage points, having risen up to 55%.
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