AUD/USD is inclined to fall

As expected, the currency pair is slowly grinding lower in the presence of the formidable resistance that lies overhead. Apart from the two-and-a-half months old falling trend-line, the bearishness is implied by the monthly pivot point, 55-day SMA and by the weekly technical indicators (four out of eight give sell signals). The target is the psychological level at 0.87.

The proportion of the long positions opened on AUD/USD went up by one percentage point to 73%, as conviction of the SWFX traders that the Australian Dollar eventually is going to outperform its counterpart from the United States remains strong. As for the orders, 39% are to buy and 61% are to sell the Aussie for the U.S. Dollar.