"Spain's got some fairly material structural issues that can't be solved overnight, and markets are reluctant to lend at the moment. I could see the Aussie trade a little bit lower."
- Michael Turner, RBC Capital Markets (based on Bloomberg)
AUD attempts to move higher against the US dollar as the Spanish debt turmoil came back into the spotlight. Thus, if AUD/USD to remain bullish, 1.0212 (R1 Weekly; Upper Bollinger band) is going to be the first target for bulls, followed by 1.0283/312 (200-day ma; R2 Weekly) and 1.0493 (R3 Weekly) in case the pair moves higher.
Holders of long positions (57%) are in majority on AUD/USD relative to those who keep short positions (43%) on the currency pair. At the same time, within 100 points from the recent market price, 68%of investors anticipate further rally of AUD/USD.