AUD/USD erodes 0.9086

A recovery AUD/USD commenced in the second part of the last week proved to be unsustainable after the weekend—the Aussie has been depreciating today relative to the U.S. Dollar. Once the nearest supports at 0.9086 and 0.9005 are breached, the pair is likely to descend down to 0.8943/08, from where the dip should extend down to the lows seen in August.

Overall the level of Australian Dollar's popularity improved over the weekend, being that the share of Aussie-long positions in its crosses rose from 70% to 74%. Particularly in AUD/USD 73% of traders are long and only 27% believe the Antipodean currency is going to underperform.