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– UOB (based on FXStreet)
Pair's Outlook
Unexpected hawkish news from Fed officials caused the AUD/USD currency pair to erased most of gains, acquired during the last two weeks. The cluster around 0.76 managed to prevent the Aussie from slumping further, and there is no doubt it can manage to do so again, at least today. Moreover, technical indicators keep giving bullish signals, suggesting the Aussie is to recover from yesterday's slump. The upside potential, however, is limited, as there is insufficient impetus to help the pair climb over the immediate resistance level at 0.7654, namely the weekly PP.
Traders' Sentiment
Bears remain in the majority, with 68% of traders holding short positions (previously 72%). Meanwhile, there are 76% of orders to sell the Aussie, opposed to 64% on Tuesday.
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