AUD/USD buoyed by 0.8764/47

For the time being AUD/USD manages to float above the monthly S1, but, given that the resistance at 0.8845/35 is deemed to be impenetrable, the Aussie is more likely to follow the path suggested by the majority of technical indicators, namely the one that leads south. However, to assure us of its bearish plans, the pair also needs to breach a psychologically important level at 0.87.

The gap between the proponents and opponents of the idea of a stronger Australian Dollar continues to widen. Right now 75% of the SWFX market participants expect the currency to appreciate. As for the orders placed on AUD/USD, the sell ones (60%) are in a majority, but are losing their positions.