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    AUD/USD slumps for the first time in ten days

    © Dukascopy Bank SA
    "The sharp drop in Chinese imports don't augur well for Australia and hence we are seeing the Australian dollar come under pressure." 
    - Credit Agricole (based on CNBC) 

    Pair's Outlook 
    The AUD/USD was unable to climb over the 100-day SMA, leaving the eight-week high unconquered. Mixed Chinese trade data caused the Aussie to weaken in the early hours, leaving almost no chances of regaining the bullish momentum today. Moreover, the 100-day SMA and the Bollinger band are providing rather strong resistance at 0.7361, preventing the Australian currency from appreciating, despite optimistic technical indicators. The nearest support is located around 0.7230, but the 0.73 major level is likely to prevent the given pair from dropping that low. 

    Traders' Sentiment 
    Bulls returned to its Friday's level of 74%, compared to 71% yesterday. The share of buy orders edge higher from 29 to 48%.
    © Dukascopy Bank SA

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