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- Westpac (based on FXStreet)
Pair's Outlook
Due to pre-Fed rate hike hype the Aussie lost its bullish momentum and declined more than 80 pips on Tuesday. However, the immediate support cluster succeeded in preventing the pair from edging even lower, while also providing some support today. However, in case of the Fed's hawkish statement today, the AUD/USD could drop a lot lower and retest the up-trend at 0.7077, which is also bolstered by the monthly S1 and weekly S2. A dovish one, one the other hand, might trigger a rally up to 0.7340, namely the point where the monthly R1 coincides with the Bollinger band.
Traders' Sentiment
The share of bulls slid to the lowest in three weeks, to 71%. There are more orders to sell the Aussie (31%), compared to yesterday.
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