AUD/USD underpinned by 2010 low

Although at first the bulls seemed to be giving up their positions near 0.81 without a proper fight, there start to appear signs the Aussie may actually recover in the next few weeks before violating the 2010 low. Potentially the price may jump up to 0.84 without actually challenging the bearish outlook. However, AUD/USD may stall at one of the obstacles on the road there, such as the monthly S2 at 0.8276.

At the moment three out of four traders prefer to hold a long position on AUD/USD. On Wednesday 71% of positions were long. At the same time, the percentage of the sell orders is decreasing—from 64% on Dec 24 to 59% on Dec 26.