AUD/USD surges

After the whole week of consolidation below the 100-day and 200-day SMAs at 1.0394/1.0404 area, the pair finally shot up. Presently the price is just above the weekly R1 level at 1.0440 and breaches the upper Bollinger band at 1.0448. The Aussie has already overcame all the SMAs and finally changed the trend to bullish. Now it can enjoy a huge free area above, as the closest resistance is just at 1.0528, which is the weekly R2.

As the exchange rate increases and provides an advantage for the Australian Dollar, traders are keen to open short positions and try to exploit small corrections, thus the sell side increased by 2% and is currently amounted to 74%. Pending orders segment is bullish orientated, as 57% of orders placed to buy the Aussie.