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- BNP Paribas (based on Reuters)
Pair's Outlook
Yet again the Aussie confirmed the up-trend on Friday, having edged 100 pips higher against the US counterpart. Even though the Australian currency was able to climb over the 0.76 major level that day, a small bearish gap caused the exchange rate to open below this level today, suggesting that a fall towards the immediate support area is possible. The nearest demand area is located around 0.7550, formed by the 20-day SMA, the weekly and the monthly PPs, which is also the only obstacle on the path to the nine-month up-trend. However, technical indicators are unable to confirm the scenario, as they now suggest the Aussie is to edge higher today.
Traders' Sentiment
There are 72% of traders being short the Aussie, whereas 57% of all pending orders are to acquire the Antipodean currency.
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