AUD/USD reached Dec 2011 low

AUD/USD has just touched upon the Dec 2011 low, meaning that the pair is likely to take a break before regathering bearish momentum and extending the dip lower. The decline could easily persist until 2012 low at 0.9577 is met, even though technical studies are not unanimous and are giving completely different signals, complicating identification of a point from where a bullish correction might start.

As the pair is going lower, more and more market participants foresee a change in its direction. At the moment three out of four traders are holding long positions. As for the orders placed on AUD/USD, a majority (66%) of them are to sell the Aussie against the U.S. Dollar.