AUD/USD stands above SMAs

Despite proximity of the moving averages AUD/USD is refusing to gain bullish momentum, absence of which has led to a breach of the accelerated up-trend support recently. The nearest SMA takes into account the last 100 bars and is presently standing at 1.0403, guarding the 20 and 200-day SMAs that are located just beneath it, at 1.0388/87. Given these conditions we are inclined to consider a surge as the most probable scenario.

The general sentiment of the market is strongly bearish with respect to the Australian Dollar, since 73% of positions are short. Moreover, it is one of the least popular currencies in the SWFX, as it is bought on average in merely 28% of cases. At the same time the share of buy orders on AUD/USD is 65%.