AUD/USD finds support at 0.9054

Presently the temporary relief is provided by the weekly S1 at 0.9054, but the rally is shallow and highly unlikely to make any significant progress. The levels to resist AUD/USD's endeavour to climb higher are currently situated at 0.9387/48 and 0.9632/0.9577—the most important for the medium term. In the longer perspective the outlook remains bearish.

Yesterday's dip was seen as a good opportunity by some traders to enter the market with a buy trade and they took the advantage of fairly cheap levels, which in turn resulted in an increase of the share of long positions in the SWFX market that now take up 73% of the total number.