AUD/USD tests 0.8912/00

After AUD/USD's failure last week to overcome the resistance represented by the 100-day SMA the price slid down to 0.8912/00. Here the currency pair is supported by the recently breached down-trend line and the monthly pivot point, meaning an upward correction is a likely course of events. However, judging by the weekly and monthly technicals, the bulls have a low chance of regaining control of the market.

For the time being the attitude of SWFX market participants towards the Australian Dollar does not seem to be affected by the recent fluctuations. At the moment the bulls remain in a distinct majority—64% of all traders.