AUD/USD capped by 0.9126

AUD/USD opened this week with a 20-pip upside gap, but is about to close it already, being that the bullish correction the currency pair started on Friday appears to have come to an end. Should the negative for the Aussie tendency continue, the next support to come under pressure is the weekly S2 at 0.8977, while the long-term target remains August low at 0.8845.

Although both the U.S. and Australian dollars are the most preferred currencies in the market, being purchased in more than 60% of traders in their respective crosses, the sentiment towards AUD/USD is heavily bullish—73% of positions are long and only 27% are short.