AUD/USD approaches 0.9387

AUD/USD has successfully breached a formidable support at 0.9577, but there may be an even more serious test of the bearish momentum ahead. The fact is that the currency pair is closing in on a stronger support line at 0.9387—the three-year low. Back then this was the resistance line that was keeping the price below it and is thereby unlikely to let the pair pass through without difficulties.

The Australian Dollar remains one of the most frequently bought currencies in the market—in 71% of trades, being that debasement of the Aussie is considered by most to be overextended. Still, day after day the price is falling. At the moment 73% of positions opened on AUD/USD are long.