AUD/USD struggles against SMAs

AUD/USD continues to exhibit a lack of trend, as it has been trading between 0.95 and 0.92 since the second quarter of this year. Right now the price is close to the lower boundary of this range, meaning the bias is to the upside. Additional 'buy' signals are provided by the technical indicators and proximity of the long-term moving average. However, in order for the bullish intentions to be confirmed, the Aussie has to close above the 55 and 100-day SMAs at 0.9340.

The bears have further enhanced their advantage over the bulls, as the former now take up 71% of the market, while yesterday their share amounted to 63%. Meanwhile, the percentage of buy orders increased from 66 to 72%.