AUD/USD bounced off 0.9387/03

As expected, the currency pair was unable to push through the cluster of resistances that stretches from the 2012 low at 0.9387 down to the upper Bollinger band at 0.9302. Therefore AUD/USD is now approaching the support at 0.9182/60 formed by the weekly pivot point and the 20-day SMA, although this area still does not seem to be reliable, the dip could easily extend to 0.9018—the recently breached trend-line.

The positioning of market participants on AUD/USD became even more crowded on the bullish side, being that the percentage of long positions grew up to 74% from yesterday's 71%. The most likely reason for the change was a buy opportunity provided by the latest dip in the exchange rate, which allowed purchase of the Aussie at a cheaper price.