AUD/USD recovers to 0.9199

This week AUD/USD started on a positive note, as it is currently trimming the losses posted on Friday. The first resistance the currency pair will soon find is at 0.9199—weekly pivot point, while the next level where the advancement of the price could be delayed is at 0.9286. Still, as long as the area at 0.9387/48 is intact, the outlook will remain bearish.

Bulls appear to have a firm grip over the situation in AUD/USD—71% of the open positions are long and only 29% are short, reflecting the long-standing view of the SWFX marketplace participants that a recovery of the Aussie is at hand, but we still suspect the pair did not yet fully exhaust its downside potential.