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- NAB (based on The Business Times)
Pair's Outlook
A better-than-expected US ADP Employment Change reading strengthened the US Dollar substantially, causing the AUD/USD pair to drop 60 pips on Wednesday. As a result, the pair reached the key support area, which now risks being violated. Another spark of bearish momentum would cause the Aussie to breach its main threshold, which could eventually lead to the 0.70 level getting reached. A close below 0.75 is expected to ensure that, as there would be no solid supports on the pair's path, with the only exception being, perhaps, the cluster around 0.7455. Tomorrow's US NFP data is to decide the Aussie/Dollar's future.
Traders' Sentiment
There are 62% of traders being short the Australian currency today (previously 66%). The share of sell orders inched down from 59 to 55%.
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