AUD/USD gets ready to challenge 0.9425/0.9348

The currency pair faces more and more difficulties while descending. The recent consolidation just below 0.9269 turned into an attempt of AUD/USD to rally; however, a resistance zone at 0.9425/0.9348 may not let the Aussie to appreciate any further. Accordingly, if the price settles above this area despite the selling pressure, the surge could extend up to May 21 high at 0.9843.

Even though the share of the bulls is fairly volatile, gaining or losing five percentage points daily, their dominance over bears is unchangeable, being that long positions take up the majority (71%) of the total amount. In its pairs the Australian Dollar is acquired in 73% of all the transactions.