AUD/USD trapped between 0.97 and 0.96

The resistance the currency pair has just bounced off, namely 0.97, is of great significance for AUD/USD. And while it is always a good idea to be wary of the round levels, this one is also the 50% Fibonacci retracement of the April-August decline. Therefore if the price surges beyond 0.97, it is likely to be bullish in the long-term; at the same time, if the Aussie closes below the up-trend support at 0.9618/0.9590, then the bias will remain negative.

The bullish market participants in AUD/USD retain their advantage over the bears, being that the former take up as much as 62% of the market, leaving the latter in a distinct minority. Concerning the orders placed on the pair, there is almost no difference between the buy (51%) and the sell ones (49%).