- Westpac (based on FXStreet)
After reaching the 20-day SMA for the second time this week, the Aussie suffered a 37-pip loss. The AUD/USD managed to breach the weekly and monthly PPs, while the 55-day SMA remained intact and is now providing immediate support. If the given SMA gets pierced, the Australian Dollar risks falling to the support trend-line, although there is still for the current triangle pattern to exist until the end of the month. Consequently, a breach of the 20-day SMA should cause a buying-spree, until the exchange rate reaches 0.7275, where the 100-day SMA coincides with the down-trend.
Now 74% of traders are long the Aussie, while the portion of orders to sell the AUD lost 9% points and now takes up 74% of the market.