AUD/USD hovering at monthly PP

After a 100-pip dip yesterday the pair found support at a cluster of support levels at 1.0439/27, with most of the effect mainly provided by the monthly PP and a Bollinger band. The current situation, however, is rather uncertain due to the volatility pair demonstrated in this area and also due to a lack of conclusive readings from technical indicators.

The Aussie remains one of the most frequently sold currencies and as a consequence, makes traders strongly bearish towards the pair—only 31% of them bought the Australian Dollar versus the greenback. Pending orders suggest there is a strong possibility this situation might change, as 66% of them are to go long on the pair.