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- Westpac (based on FXStreet)
Pair's Outlook
Almost all AUD/USD pair's efforts to recover were in vain, as the Aussie slumped nearly 100 pips against the US counterpart yesterday, amid strong US fundamentals. As a result, the commodity currency slid back under the 0.74 level, and climbing back up might not be as easy, as commodity prices are also weighing on the Australian Dollar. Furthermore, technical indicators are giving bearish signals now, bolstering the possibility of the pair closing in the red zone today. Moreover, the 0.74 mark is reinforced by the weekly PP, making it more difficult for the Aussie to post gains today.
Traders' Sentiment
Market sentiment remains in perfect equilibrium today, whereas the portion of orders to sell the Australian currency increased again, namely from 56 to 63%.
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