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– Commerzbank (based on FXStreet)
Pair's Outlook
The AUD/USD currency pair managed to avoid serious losses on Monday, despite experiencing rather strong downside volatility. Nevertheless, the immediate support level, namely the weekly pivot point, was still pierced, now acting as the nearest resistance, where it might be of more use. However, that is unlikely to be the case, as technical indicators still strongly suggest the Aussie is to outperform the US counterpart, meaning that the weekly PP will doubtfully prevent the pair from appreciating. The main target is the trend-line just above the 0.76 mark, while also being reinforced by the weekly R1.
Traders' Sentiment
There are 63% of traders with a negative outlook towards the Australian Dollar today (previously 64%). The number of orders to sell the Aussie inched down from 56 to 53%.
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