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– Westpac (based on FXStreet)
Pair's Outlook
The immediate support area failed to prevent the AUD/USD currency pair from falling below 0.76. As a result, the Australian Dollar is likely to keep declining against its US counterpart, despite technical indicators retaining bullish signals. The Aussie is now expected to make its way towards the nine-month up-trend, currently located at 0.7507, also bolstered by the monthly S1, the 100-day SMA, the weekly S2 and S3s. On the other hand, a boost received from weak US NFP data could prevent that from happening, helping the commodity currency to reclaim the 0.76 level. Once again, technical studies are in favour of a rally, thus, risks are skewed to the upside.
Traders' Sentiment
There are 59% of traders being short the Aussie, whereas 63% of all pending orders are to buy it.
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