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– ANZ (based on FXStreet)
Pair's Outlook
Wednesday ended with the Australian Dollar successfully outperforming its US counterpart, edging up 73 pips and, thus, providing the ascending channel's resistance line with an additional confirmation. The Aussie is likely to experience another day of gains, with the channel's upper border, the Bollinger band and the weekly R2 providing resistance at 0.7465. Technical indicators are somewhat supporting the possibility of the positive outcome, as they are no longer giving bearish signals. However, excessive USD weakness could lead to a breach of the channel's resistance line, with focus shifting to the 0.75 mark, where the 100-day SMA coincides with the 200-day one.
Traders' Sentiment
Today 52% of all open positions are short (previously 57%). Meanwhile, 51% of all pending orders are to acquire the Aussie (up from 39%).
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