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    AUD/USD attempts to extend its recovery

    © Dukascopy Bank SA
    "The level of USD longs recovered some ground last week, this may also be a reflection of safe-haven demand. Net AUD shorts dropped a little further last week, though Chinese growth and currency risks have been weighing on the spot rate." 
    - Rabobank (based on WBP Online) 


    Pair's Outlook 
    Despite relatively strong volatility on Monday, the Australian Dollar behaved in accordance with expectations and ended the day with a rally, closing in front of the 0.70 level. Today the AUD/USD plunged to 0.6940, amid a disturbance in the commodity sector, but managed to recover from intraday losses at the moment of writing. The immediate support in face of the monthly S1 and the Bollinger band remains the final obstacle on the Aussie's declining path towards the 2015 low of 0.6907. Technical indicators retain bullish signals, suggesting the 0.70 psychological level is to be retaken.  

    Traders' Sentiment 
    Today 73% of traders hold long positions. The percentage of sell orders remains higher than the one of buy orders by 14% points.
    © Dukascopy Bank SA

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