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    AUD/USD to prolong bullish momentum

    © Dukascopy Bank SA
    "The value of the Australian dollar is set by the market. That is an automatic stabilizer in our system. It helps to transition the Australian economy and it helps the Australian economy deal with the sorts of challenges that we've been facing in recent times." 
    - Mathias Cormann, Australian Finance Minister (based on Bloomberg) 

    Pair's Outlook 
    Although the AUD/USD was hurt from a fall in oil prices yesterday, the pair still managed to erase the intraday losses and remain relatively unchanged, as the US CPI data disappointed. The Aussie again faces the weekly PP at 0.6911, which also acts as the closest resistance, while the second level to limit the gains lies only at 0.6967. At the same time, the monthly S3 is the nearest support at 0.6838, but a decline seems doubtful, as the Antipodean currency appears to undergoing a corrective rally after last Friday's plunge.  

    Traders' Sentiment 
    Exactly three quarters (75%) of all open positions are long (previously 72%). The number of sell orders edged five percentage points lower. The commands now take up 62% of the market.
    © Dukascopy Bank SA

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