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    AUD/USD risks breaking out of the descending channel

    © Dukascopy Bank SA
    "If the Fed is unable to raise rates in 2015 after having previously signaled a very strong desire to do so, then its credibility is going to be severely damaged." 
    - IG Securities (based on WBP Online) 


    Pair's Outlook 
    The Australian Dollar remained volatile during Friday, having touched the resistance cluster around 0.7060 and the support in face of the 0.70 major level. The AUD/USD remained within the descending channel pattern, but opened trade above the upper trend-line today, ignoring the nearest resistance. Although the Aussie is outperforming the US Dollar, there is still a chance the Antipodean currency can decline towards the weekly PP at 0.7021, thus, preserving the pattern. 

    Traders' Sentiment 
    Bullish market sentiment returned to its Thursday's level of 70%, compared to 72% on Friday. Meanwhile, the number of buy commands, however, edged two percentage points higher to 42%.
    © Dukascopy Bank SA

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