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– Mizuho Bank (based on Bloomberg)
Pair's Outlook
The Aussie barely managed to post any gains on Friday, having added just 14 pips against the US counterpart. The AUD/USD currency pair opened with a small bullish gap over the weekend, but bears keep pushing the Australian currency lower. The weekly pivot point acts as the closest support, but more attention should be paid to the 0.7530 psychological level, as it successfully help the given pair afloat through all of the previous week. A drop lower is likely to be limited by the tough demand cluster circa 0.75, but technical studies suggest such scenario is unlikely. Meanwhile, the upside is to be limited by the resistance trend-line, currently located around the 0.76 major level.
Traders' Sentiment
Today 64% of traders are short the Australian Dollar, whereas 56% of all pending orders are to sell it (previously 63% and 55%, respectively).
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