AUD/USD underpinned by 1.0248/43

As expected, a zone constructed by the weekly pivot point and Bollinger band was unable to resist bears for long, allowing a dip down to 1.0248/43, which in turn initiated an anticipated covering of short positions. The current surge should be limited by the 200-day SMA at 1.0385/64, there the temporary bullish impetus is likely to be negated by selling pressure.

The gap between long and short positions has narrowed down to 16%, being that the share of bulls has grown up to 42% and the portion of bears decreased down to 58%, while on average the U.S. Dollar is still more popular (bought in 55% of cases) than its Australian counterpart that is acquired in 44% of cases. The ratio between buy and sell orders is 35% to 65% respectively.