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    AUD/USD at the highest in seven months

    © Dukascopy Bank SA
    "We believe the recent strength in the AUD is a non-sustainable overreaction in the market, which has already begun its correction." 
    - easyMarkets (based on CNBC) 

    Pair's Outlook 
    The Australian currency experienced a small setback on Tuesday, as weak Chinese fundamental data sent the AUD/USD pair towards the support area in face of the monthly R2. It was a setback, because an increase in oil prices today sparked demand for higher yielding currencies, such as the Aussie. The pair now seeks to negate all yesterday's losses and possibly even retake the 0.75 mark—the highest level since August 2015. The only obstacle on the Aussie's path is the Bollinger band around 0.7485, which might keep the exchange rate limited at 0.7470.  

    Traders' Sentiment
    Bullish market sentiment returned to its Monday's level of 66% (previously 68%), whereas the number of orders to sell the AUD added 8% points. The commands now take up 69% of the market.
    © Dukascopy Bank SA

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