AUD/USD failed to track higher

The selling pressure that inhabits the area from 0.94 to 0.93 easily fended off a yesterday's assault of AUSD/USD, sending the pair beneath the interim resistance at 0.9182/58 that is formed by the weekly PP and 20-day SMA. Should the decline extend, the weekly S1 at 0.9073 will be next to try and limit the losses, but are eventually to give way for continuation of the four-month down leg.

A two-percentage-point decline in the portion of the long positions is by a long shot insufficient in order to change the SWFX traders' sentiment that remains heavily bullish—72% of traders are betting the Australian Dollar is going to outperform its North American counterpart.