AUD/USD hovers above 0.8894/84

While yesterday AUD/USD closed in red, today the Australian Dollar is showing more resilience by attempting to rebound from the line in the sand at 0.8894/84. Unwillingness of the currency pair to descend lower is also displayed with the help of the technical indicators that turned mixed, but the long-term bias is still assumed to be bearish.

Taking advantage of the low exchange rate some of the SWFX market participants decided to acquire the Aussie, since the portion of the long positions in AUD/USD increased by three percentage points to 74%. However, on average, across the market AUD is purchased less frequently than before, in 70% of trades (72% yesterday).