AUD/USD falters ahead of 1.0518

Before AUD/USD could touch upon 1.0518, short-selling has settled in and pulled the price back down to 1.0417, revealing fragility of the current upward trend, as absence of serious resistances implies that later on the pair will find strong supports to uphold it to be missing. However, even if 1.0417 turns out to be unable to restore bullish momentum, then in the way of the dip there will be a confluence of the monthly R1 and the 100 and 200-day SMAs.

The gap between the amounts of long and short positions has narrowed, though this deviation did not introduce any notable changes into the sentiment that remains strongly bearish, as 70% of positions are short. Concerning orders, 69% of market participants intend to buy the Aussie.