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- Rochford Capital (based on Bloomberg)
Pair's Outlook
Daily ‘buy' signals have already started to weaken, implying that the nearest resistances have a good chance preventing AUD/USD from climbing any higher. The most likely reversal points are the monthly R2 at 0.9379 and the monthly R3 at 0.9525. The latter is also reinforced by the weekly R2 and 38.2% Fibonacci retracement level from the down-leg started in mid-April.
Traders' Sentiment
The share of bulls in AUD/USD dropped once again, but at a slower pace than previously, merely by one percentage point to 61%. Nevertheless, this does not evidence that the Aussie is getting less popular, it rather shows that the U.S. Dollar is rapidly catching up. Currently 68% of positions in SWFX marketplace will profit from U.S. Dollar's appreciation (55% five days ago).
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