AUD/USD opens with downside gap

The currency pair started this week 100 pips away from the level it ended the past week, a fraction above the three-year low at 0.9387. Accordingly, we would first expect a closure of the bearish gap before AUD/USD proceeds with the down-trend, although technical studies do not imply any specific direction, since they are mixed at the moment. The nearest strong resistance is considered to be 0.9577/0.9534, the weekly pivot point and 2012 low.

Just as EUR/JPY, traders' sentiment towards AUD/USD was also not subject to any change after the weekend. Right now 73% of market participants are waiting for the Australian Dollar to commence a recovery, thus only 27% oppose them. In it crosses on average the Aussie is acquired in 71% of cases.