AUD/USD faces weekly S1

AUD/USD has just reached the first notable support at 0.8897/94 after bouncing off the resistance created by the weekly and monthly pivot points. However, the weekly S1 at 0.8894 has a low chance of halting further Aussie's depreciation, the bearish momentum is expected to stay intact at least until the test of the key area at 0.8700/0.8672.

The overall popularity of the Australian Dollar in the SWFX market and specifically among those trading AUD/USD has increased since the previous report. On average throughout its crosses AUD is purchased in 74% of cases, in its currency pair with the U.S. Dollar the frequency is even higher—in 75% of cases.