AUD/USD ends the week with depreciation

The AUD/USD declined a little from the last update. The cross slid 30 pip from the previous day close at 0.776, forming a daily low at 0.773. Yet, despite the slide, the AUD managed to gain some momentum and appreciated versus the USD, trading at 0.779 during the day, a level above the weekly S1 at 0.778. The next resistance level is the monthly S2 at 0.799, whereas the support is at 2007 year low at 0.769.

The 50– pip pending orders are still set on the bearish side, since about 22% of traders hold their longs. Meanwhile, the 100– pip orders have the same bearish sentiment and about 19% of traders would want to buy the pair.