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AUD/USD crawls out of Monday's pit

© Dukascopy Bank SA
"It is all very uncertain for the [US] dollar. All the currencies that were sold off yesterday are rising, but to me it very much looks short lived." 
- Niels Christensen, Nordea (based on Reuters) 

Pair's Outlook 
Even though the AUD/USD currency pair experienced a more than 200-pip move to the downside, the exchange rate still managed to stabilise at 0.7174. With the anxiety over China easing, the Aussie is expected to regain the bullish momentum. However, immediate resistance Is now located around 0.7210, represented by the weekly S1 and the lower Bollinger band, somewhat also bolstered by the 0.72 major level. The Antipodean currency is likely to experience trouble piercing the cluster, unless the Greenback sustains more weakness due to poor fundamental data results. 

Traders' Sentiment 
Bullish traders' sentiment returned to its Thursday's level of 75%, whereas the number of sell orders edged higher from 65 to 68%.
© Dukascopy Bank SA

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