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it needs to take a break. The U.S. stock market, which has been supporting the dollar rally, is starting to struggle."
- Bank of America Merrill Lynch (based on Reuters)
Pair's Outlook
The AUD/USD pair swung about 125 pips today, yet, the bulls were stronger and brought the cross to trade higher. The daily high is currently seen at 0.802, above the weekly PP at 0.801. The daily low, on the contrary, lays right at the Bollinger band at 0.790. Meanwhile, the pair continues to trade below the 55– 100– and 200– day SMA's.
Traders' Sentiment
The 50– pip pending orders are still set on the bearish side mostly, since only 13 of traders hold longs. Meanwhile, the 100– pip orders have the same bearish sentiment and about 78% of traders would want to sell the pair.
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