AUD/USD surges to 0.8994/66

A failure of AUD/USD to fall beneath 0.89 evoked a rally that is currently probing a combination of the weekly and monthly pivot points. In case the currency pair does not act in accordance with the daily studies and continues to advance, additional resistance will be provided by the bearish trend-line at 0.9044/40—it is also reinforced by the weekly R1 and the 20-day SMA.

Many of the previously bullish SWFX traders apparently changed their minds, taking into account that the portion of long positions opened on AUD/USD went down by four percentage points to 70%. Such a change, however, was unable to alter the sentiment of the market that is still strongly bullish.