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    AUD/USD rises on commodity rebound

    © Dukascopy Bank SA
    "Longer term the risks are on the downside and we target the .6774 2004 low. Near term we look for a correction higher - we note that the weekly RSI did not confirm the new low." 
    - Commerzbank (based on FXStreet) 


    Pair's Outlook 
    The Aussie declined against its US counterpart on Monday, with trade closing slightly below the immediate support. Today the AUD/USD pair continued to suffer from falling oil prices, but managed to recover from daily losses, amid a rebound in commodities. It is uncertain whether the rally will last by day's end, as a rather strong demand is located around 0.6960, represented by the weekly PP and the monthly S1; technical indicators also support the bearish scenario. From a bolder technical perspective, however, a surge is quite possible, but not too far beyond the 0.70 mark. 

    Traders' Sentiment 
    Today 73% of traders are long the Aussie (previously 71%). Meanwhile, the share of purchase orders dropped from 53 to 47%.
    © Dukascopy Bank SA

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