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    AUD/USD takes another step to triangle's apex

    © Dukascopy Bank SA
    "But in the week ahead at least, AUD should be able to benefit on various crosses from the RBA's preference to look on the bright side for the Australian economy in 2016." 
    - Westpac (based on FXStreet) 


    Pair's Outlook 
    After reaching the 20-day SMA for the second time this week, the Aussie suffered a 37-pip loss. The AUD/USD managed to breach the weekly and monthly PPs, while the 55-day SMA remained intact and is now providing immediate support. If the given SMA gets pierced, the Australian Dollar risks falling to the support trend-line, although there is still for the current triangle pattern to exist until the end of the month. Consequently, a breach of the 20-day SMA should cause a buying-spree, until the exchange rate reaches 0.7275, where the 100-day SMA coincides with the down-trend. 

    Traders' Sentiment

    Now 74% of traders are long the Aussie, while the portion of orders to sell the AUD lost 9% points and now takes up 74% of the market.
    © Dukascopy Bank SA

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