- Bank of Tokyo-Mitsubishi (based on WBP Online)
On Friday the AUD/USD's volatility was limited by the up-trend and the 0.7160 level, ultimately keeping the pair unchanged over the day. Today the Aussie opened below the 55-day SMA, now stuck in an even tighter range between the weekly PP, up-trend and the 20 and 55-day SMAs, with little space to move. The trend-line risks getting breached and becoming unreliable, as technical studies are giving distinctly bearish signals. Nevertheless, there is still hope for a rebound and even a close above the immediate resistance cluster.
Today 73% of all traders are holding long positions, compared to 74% on Friday. Meanwhile, there are significantly more orders to acquire the Aussie, namely 47% (previously 18%).