AUD/USD meets the strong resistance

The US Dollar managed to lose some value versus it Australian counterpart since the cross ticked higher on Tuesday, up to the 20– day SMA at 0.782. The pair is still trading within a down trend formed from July 2014. As a matter of fact, the pair is currently trading close to the September 2008 low level at 0.78, which acted as a strong resistance line since the beginning of February. In case of a consolidation above, the way should be opened toward the weekly R1 at 0.786.

Most of the market participants are currently bullish since 62% of all are buying the pair. Together with that, 59% of all traders have placed their 50– pip pending orders long. In contrast, the 100– pip ones are being generally sold by 61% of all.