AUD/USD's rally suppressed by 0.8845/34

AUD/USD failed to gain a foothold above the monthly S1 and is currently sliding en route to 0.87, which has already proved to be important for the market. If this support gives in, as suggested by the daily and monthly technical indicators, then the currency pair will be looking to extend the dip down to 0.8618/07, where the monthly S2 merges with the daily S1.

The long-standing bullish sentiment towards the Australian Dollar strengthened even more, as the proportion of the long positions increased from 70% up to 72%. Meanwhile, there has been a notable jump in the number of sell orders—their share soared from 55% up to 76%.