AUD/USD resumes moving south

AUD/USD carries on gravitating towards the 100-day SMA at 1.0421, as it attempts to approach another simple moving average of a greater seniority—for the last 200 periods. Consequently, in the near term the currency pair should add more pressure on these supports, both of which are under a real threat of being breached. Once the pair is beneath them, it is expected to aim for 1.0129/12, the down-trend support line of the bearish channel AUD/USD has been trading within since mid-July.

The difference between the amounts of long and short positions has slightly narrowed, as the share of bulls has grown up to 33% and bears now constitute 67% of the market. As for the orders, 54% of them are buy and the rest 46% are to sell the Aussie against the buck.