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- IG Ltd (based on Business Recorder)
Pair's Outlook
The AUD/USD currency pair behaved in accordance with the forecast yesterday, as it declined, but stabilised above the down-trend. Another decline is expected today, with the exchange rate returning under the trend-line. However, the 100-day SMA might at 0.7200 might limit the volatility or even push the pair back towards today's opening level, as technical indicators are still giving bullish signals and, along with the massive support cluster, are bolstering the possibility of the pair at least remaining flat. A test of the 100-day SMA should be sufficient to preserve the down-trend this week.
Traders' Sentiment
Nearly three quarters (75%) of all open positions are long, while there are now more orders to sell the Aussie, namely 52%.
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