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- CMC Markets (based on WBP Online)
Pair's Outlook
On Tuesday the Aussie behaved in accordance with expectations, dropping to the support cluster at 0.7075. The poor Chinese Manufacturing PMI data caused the Aussie to suffer more losses earlier today, while the AUD/USD completely ignores the rising oil prices today. The weekly S1 is now providing resistance, preventing the Australian Dollar from appreciating today. Although technical studies are giving mixed signals, the base case scenario remains a decline to a new one-week low.
Traders' Sentiment
Bullish market sentiment remains unchanged at 74%. At the same time, the portion of commands to acquire the Aussie lost 34 percentage points, down to only 42%.
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