- JP Morgan (based on FXStreet)
On Monday, the 20-day SMA, along with the weekly PP, prevented the AUD/USD currency pair from edging lower and pushed the Australian Dollar back up. As a result, the Aussie gained 29 pips, as the 100-day SMA limited all attempts to rise higher. Nevertheless, a formidable resistance cluster near 0.78 is on the way, which will be difficult to breach, thus, we still expect the given pair to suffer losses today. Immediate support still rests around 0.7705, represented by the weekly PP and 20-day SMA, while technical indicators keep showing bearish signs, although not as strong as before.
Bulls managed to increase their numbers, as 73% of all positions are now long. The share of buy orders also edged up, from 28 to 32%.