AUD/USD corrects at 0.9178

The downward momentum the currency pair gained after falling under 0.9387 has weakened at the weekly S2 (0.9178), but should soon recuperate and resume pushing the price towards 0.8568 that looks as the most likely mid-term target. The support to pose the largest threat to the bearish tendency is represented by the monthly S2 level at 0.8971.

Previously the Australian Dollar was one of the most popular currencies in the SWFX marketplace, losing to some of the emerging market currencies. Now it is the most frequently acquired one—in 75% of its crosses. Nearly the same distribution between the longs and shorts is on AUD/USD—74% and 26%.