AUD/USD continues to deppreciate

Pair seems to have gained momentum as it continues to depreciate and at the moment is testing weekly R2. We expect it to be breached soon and 2013 (Aug) low to be tested in the short term. We do not expect that the pair will fall below it with ease as it is likely to kick the pair higher. However, it is still questionable if that would be enough to ignite a full pledged recovery.

It seems that bearishness is creeping in to the market as bullish side of pending orders stumbled by 20% and is at 51% gauge today. Bulls, however, continue to hold 75%, the same as yesterday, of all open positions of the pair.