AUD/USD ends a correctional phase

AUD/USD is rapidly gaining bullish momentum at the moment, being that the price has found a strong support in the face of the 38.2% Fibonacci retracement level derived from the rally observed in the first half of September. The surge is likely to extend beyond the nearest resistances, such as the weekly R1 at 0.9407, but at the same time the chance of a reversal will dramatically increase once the price enters the area between 0.95 and 0.97.

Greenback and the Aussie remain two the most bought major currencies across the board. Markets sentiment, however, is clearly in favour for the latter one—66% of traders are long on the pair. Majority, 62% in total (-2% since yesterday), of pending orders are to purchase the Australian Dollar.