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AUD/USD takes a shot at edging higher

© Dukascopy Bank SA
"Near term, AUD is likely under pressure unless it can reclaim 0.7230." 
- UOB (based on FXStreet) 

Pair's Outlook 
Even though the AUD/USD currency pair failed to reach the 0.72 major level, Monday still ended with a rally. The Antipodean currency also suffered earlier today from Chinese data, as China is Australia's main commodity importer. However, RBA's decision to keep the cash rates unchanged sparked an Aussie buying spree, with volatility edging closer to the 0.72 major level. The pair is now struggling to maintain trade above the immediate resistance, namely the area around 0.7150, due to mixed results of market mover events. Technical indicators are also giving mixed signals, implying that neither the resistance, nor the support in face of the monthly PP and the 55-day SMA will be violated. 

Traders' Sentiment 
Although not as strong as yesterday, but SWFX sentiment remains bullish at 71%. The share of sell orders increased from 54 to 59%.
© Dukascopy Bank SA


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