AUD/USD hovers beneath 55-day SMA

The Aussie is easing the pace of appreciation in recent days. The pair started a week sharply gaining from the weekly PP level at 1.0281 and today made a spike breaching the 55-day SMA at 1.0351 and the 20-day SMA at 1.0359. However, bulls still maintain positions on the weekly R1 level at 1.0341 and are ready to execute the second attack. Another resistance level might be found at 1.0382, where the 100-day and 200-day SMAs converges into the major resistance.

Bears firmly settled their authority in the market, as the sell side has the vast majority share of 74%. Rapidly increasing Australian Dollar value prods traders to bet on a potential short-term correction possibility. Placed orders segment is bullish with 62% of buy orders.