AUD/USD approaches bearish resistance trend-line

Previously bearish signals provided by the technical indicators have now turned neutral, since AUD/USD refuses to move towards the lower boundary of the declining channel, but instead is recovering to the falling trend-line it has just bounced off. Accordingly, if the price confirms 0.9090/40 as the resistance, we should see a resumption Aussie's tendency to depreciate, potentially to 0.87, while an alternative scenario could entail a rally up to 0.9312/01.

While the attitude of the SWFX traders towards many of the major currencies is currently different from what we saw yesterday, the Australian Dollar remains one of the most attractive currencies in the foreign exchange market nonetheless, in AUD/USD the share of long positions amounts to elevated 72%.