AUD/USD closes above monthly R1

Even though not as confidently as yesterday, but the Aussie keeps on advancing further. However, right now the currency is facing resistance represented by the 100 and 200-day SMAs and might fail to overcome these hurdles, being that, based on the technical indicators on the weekly and monthly time frames, the outlook appears to be strongly bearish.

SWFX market participants are starting to lose their confidence in the ability of the Australian Dollar to appreciate—the share of long positions plummeted from 70% down to 59% during the last five days. At the same time, the percentage of sell orders placed on AUD/USD added to 66%.