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- Miller Tabak & Co. (based on Bloomberg)
Pair's Outlook
Test of 0.8977/53 today resulted in a rally that has effortlessly pierced through the weekly S1 and is currently approaching the weekly pivot point at 0.9126. There the currency pair is expected to be capped, otherwise the Australian Dollar may be able to appreciate up to the 23.6% Fibonacci retracement level of the April-August move at 0.9255/34.
Traders' Sentiment
Compared to the previous figures, the share of the long positions has increased even more during the last 24 hours—now they constitute 75% of the market (73% yesterday). However, there is no difference between the amounts of buy and sell orders placed on AUD/USD.
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