AUD/USD pares recent losses

The direction of the price movement implied by the technical indicators did not turn out to be the right one, while the fact that AUD/USD has just hit a strong support zone at 1.0353/38 played out as anticipated, i.e. reversed the dip. Even a confluence of the 100 and 200-day SMAs was incapable of stopping bullish impetus, which is now struggling to overcome some of the latest highs.

Currently the Australian Dollar is one of the least popular currencies in the market, being acquired in only 26% on average in its crosses. The similar picture is seen on AUD/USD, where merely 30% of positions are long. At the same time the percentage of buy orders is growing—68% at the moment of writing.