AUD/USD continues to be oversold

The AUD/USD traded in a tight range between the Bollinger band at 0.77 and the weekly PP at 0.78. Monday trading day was little volatile since the pair appreciated for 78 pips only. So far, the cross continues to be highly oversold and any move upward is preferable. A break above the weekly PP at 0.783 level should open the next target at monthly PP at 0.792.

While the sentiment is still highly bullish with 70% of all traders buying the pair, only 33% of them would want to buy the AUD/USD in a 50– pip range. The 100– pip pending orders are even more bearish, since only 22% of all are looking forward to buying.