AUD/USD makes a pit-stop at 1.0312/04

Following a precipitous fall from a high of 1.0457, the currency pair has taken a pause just above 1.0312/04. Still, this support is not deemed as sufficient in order to fully negate the bearish impetus that has driven the price for quite a long distance (160 pips) just in two days. Being that in the medium term AUD/USD is moving en route to 1.0124/12, the outlook on the pair is bearish, but bullish corrections are probable, especially at 1.0248/43.

The short positions have slightly increased their dominance over bulls since the last report, currently taking up 61% of the market, while the Australian Dollar remains the least preferred currency, on average bought only in 27% of cases. The distribution between buy and sell orders is also bearish—32% to 68% respectively.