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– ANZ (based on FXStreet)
Pair's Outlook
The Aussie refused to give in Tuesday and edged higher against the US Dollar again. This rally suggests that the AUD/USD currency pair is now trading within the borders of an ascending channel pattern for the third week now. There given pair now faces a relatively strong resistance just under the 0.74 mark, represented by the weekly R1 and the upper Bollinger band. This resistance limited Tuesday's volatility and could prevent the Aussie from posting more gains, ultimately triggering a strong enough decline to pierce the channel's support at 0.7340. However, a successful breach of the immediate resistance would further confirm the channel.
Traders' Sentiment
Bears remain in the majority, taking up 57% of the market (previously 54%). Meanwhile, the portion of sell orders inched up from 58 to 61%.
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