AUD/USD aims for 0.9110

AUD/USD opened the week with a small downside gap, but has already closed it, heading towards the interim resistance at 0.9110, which will be followed by 0.9235/0.9184 and 0.9348/27, if it is to fail to contain the current rally. From below the currency pair is underpinned at 0.8967/48 and 0.8905/0.8893, while the technical indicators turned mixed, although they were largely bearish previously.

The bullish side of AUD/USD market stays crowded, being that at the moment 72% of market participants are holding long positions, while only a distinct minority (28%) believe the downward tendency will persist. Also, among the G10 currencies the Aussie is the most favoured one at the moment, it is acquired in 71% of trades in its crosses.