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— Commerzbank (based on FXStreet)
Pair's Outlook
The effect of commodity price risks influencing the Aussie for five consecutive days has been mitigated, resulting in an upward motion. The currency has managed to recover some losses, breaching the 20-day SMA and gaining momentum towards the monthly and weekly PPs circa 0.7650. The downward-sloping channel formed in the hourly chart was breached earlier today, indicating a move in favour of bulls. However, the pair still needs to breach a near-term resistance cluster consisting of the 100-hour SMA and the upper Bollinger Band to confirm that the upward motion will persist.
Traders' Sentiment
Traders‘ sentiment for the pair is bearish with 71% of traders holding short positions. In addition, 46% of pending orders are to by the Aussie.
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