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– CBA (based on The Business Times)
Pair's Outlook
The Aussie found itself in a rather tricky situation today. On one hand, the AUD/USD currency pair is supported by the ascending channel's lower boundary, which should cause another rally today as on Monday. From the other. On the other hand, a possible eight-week resistance line is located just above today's opening price, which could trigger more AUD-selling. Technically, this would cause the channel pattern to end and resume the previous trend, in this case—bearish. However, technical studies keep giving bullish signals, implying that the possible eight-week resistance is to be pierced and the weekly R1 at 0.7611 to be put to the test.
Traders' Sentiment
Today 65% of traders are short the Aussie, while 56% of all pending orders are to sell the commodity currency.
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