AUD/USD loses value even further

Weak business confidence data in Australia pushed the Aussie even lower, as the price nearly reached a 11-month low. The pair depreciated below the Bollinger band, indicating how strong bearish sentiments are at the moment. The currency pair slipped beneath the major resistance at 1.0022 and continues its trip south. It is hard to say how far AUD can depreciate, but the closest support levels are located only at 0.9861, the weekly S1, and at 0.9840, the monthly S3.

Traders prefer to keep bearish positions and enjoy the declining exchange rate. There are 59% of sell positions and 41% of long. Placed orders market is bearish, since 68% of positions are to sell the Australian Dollar.