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- Omer Esiner, Commonwealth Foreign Exchange (based on the Bloomberg)
Pair's Outlook
The Aussie remains directionless, bouncing up and down between the resistance at 0.8822 and the support at 0.8756. The currency is unlikely to exit this range before the weekend, but on Monday and afterwards the risks will be heavily skewed to the downside. Firstly, because the 23.6% Fibo proved to be a reliable supply level. Secondly, because most of the technical studies are pointing downwards.
Traders' Sentiment
Even though there are relatively less bullish market participants than yesterday, the overall sentiment towards AUD/USD is distinctly positive—more than 70% of positions are long. As for the orders, 56% are to purchase the Aussie against the Greenback.
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