AUD/USD looks for support at 0.80

Just like EUR/JPY, AUD/USD is struggling to get past a major resistance area created by the monthly R1 and 200-day SMA. After a test of 0.8135 the currency pair is now declining, but it has a good chance of stabilising near 0.80, where the price is supposed to find support represented by the recently established trend-line. Accordingly, we expect a quick rebound back to the 0.8150/00 area during the next few days.

Same as on Friday, almost three fourths of the traders are long the Australian Dollar, namely 74% of them. Concerning the commands set to acquire the Aussie, over the weekend their share fell from 71 to 64%.