AUD/USD challenges August low

Although the Aussie has been recently showing bullish signs and willingness to rise, the possible recovery was not supported from a fundamental perspective, forcing the currency to nurture broad losses. Right now AUD/USD is eroding the key support at 0.8845—the August low. If this support gives in, the psychological level at 0.87 will be exposed.

Most (72%) of the SWFX market participants stay convinced that the Australian Dollar will be able to overcome the current weakness and gain value in the longer term, even though the currency has been performing poorly lately. Meanwhile, the distribution between the buy and sell orders is 57% to 43%, respectively.