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"There might be a little bit of position adjustment now but the market is going to start looking ahead. The dollar weakness has only got so far to run."
- Rabobank International (based on Blomberg)
Pair's Outlook
The Aussie-Dollar pulled back to the falling trend-line and acknowledged it as a new support. The situation therefore warrants a bullish outlook. However, there is a plethora of resistances overhead that are highly unlikely to let the Antipodean currency to appreciate for long. Today the pair will be battling the monthly PP and 55-day SMA. In case of success the next target is going to be the next monthly pivot point at 0.7350, and there will be the 100-day SMA at 0.7413.
Traders' Sentiment
A majority of open positions are long, namely 72% of them, the same as the 10-day average. The number of sell orders jumped from 52 to 70%, suggesting increasing downward pressure.
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