AUD/USD follows the uptrend

The retreat from the 2010 year low seems to be the current interest. The pair started the new trading week by going lower from the previous close at the level of 0.811. Although, it retreated sufficiently to continue its zig- zag move above the 4- hour 55-SMA. The US dollar depreciated versus its Australian counterpart and hiked to a daily R3 at 0.8163 but could not surpass it. The AUD/USD stays highly oversold, therefore, a slight consolidation is expected.

At the moment, the market is highly bullish with 73.28% and 26.72% of long and short positions, respectively. The 50 and 100 pip pending orders were not changed significantly together with the overall opened position number.