AUD/USD inching up higher

Pair continues to inch up higher after bouncing slightly ahead of 0.8650 a few days ago. At the moment it is testing 0.8822/54. We expect the pair to fail to advance above it and start consolidating around the current levels. Dip till 0.8624/08 could provoke another sell off. In such we should start looking at weekly S2 and 0.85 cent are overall. Peak above 0.8822 is unlikely to ignite a major spur, but could keep it supported around 89 cents.

Bulls are once again heading towards full dominance in the market. They continue to hold 70% of all open positions. But what is important, that bullish side of pending orders increased by 20-25% and is at 45% to 55% depending on the range.