AUD/USD extends correction

The currency pair has finally eroded both the weekly pivot point and monthly R2 level, meaning that the next support at 0.9321/14 is now exposed. If this demand area fails to underpin AUD/USD, then a possibility of a deeper dive, down to the August's low, will substantially increase, even though among other supports there are 55 and 100-day SMAs separating the spot and 0.8847.

The portion of long positions on AUD/USD has marginally decreased and now amounts to 64% of the total amount, though not so long ago the percentage was consistently staying above a mark of 70%. As for the orders, 58% are potential bets on a relative increase of the Aussie's value with respect to the U.S. Dollar.