AUD/USD denied by 0.9389/48

The rally above 0.9269 was not sustained, leading to a strong sell-off that is currently taking place. The key resistance for the medium term is at 0.9389/48, the pair will have to rise above it in order to prove bullish intentions. Otherwise we expect AUD/USD to aim for lower levels, namely 0.9108/0.9056 and 0.8971, while a subsequent dip down to 0.8578/68 looks like a viable scenario.

Again the portion of the bulls declined after increasing a few percentage points a day before. Nonetheless, we are far from a change in the sentiment, an overwhelming majority are long the Aussie—one of the most popular currencies in the SWFX marketplace (it is bought in 70% of cases).