AUD/USD erodes 0.8764/47

AUD/USD continues to put substantial pressure on the monthly S1 at 0.8764 and is likely to breach it in the nearest future, as implied by the majority of technical indicators (only MACD and Stochastic are presently bullish). Once this level is broken, the price will aim for 0.87, which guards the monthly S2 at 0.8618. And if the sell-off persists, 0.8519 could be targeted next.

Right now three out of four market participants expect the Australian Dollar to commence a recovery, even though it has been in the distinct down-trend since the end of October. Meanwhile, AUD/USD is closing in on the demand area, being that the percentage of buy orders went up from 40% to 70%.