AUD/USD slows down ahead of 100-day SMA

Following a breach of the monthly R1 AUD/USD seems to have nearly exhausted the bullish momentum that took the price away from the Aug 5 low at 0.8847 and drove it to the 100-day SMA. Nevertheless, the pair may extend the rally up to the resistance line at 0.9321 before being sold off, as suggested by the weekly technical indicators.

Despite the three-percentage-point decline in the portion of the bullish SWFX marketplace participants, an overwhelming majority of traders, specifically 71% of them, are still anticipating bullish movement of the currency pair, whereas bears stay in a distinct minority.