AUD/USD plummets to weekly S1

The Australian Dollar is pressed by investors' concern that the global economy is slowing down, pushing traders to take the risk off position. The Aussie slides for a second trading session in a row, as the price checked the resistance of the 100-day and 200-day SMAs and dropped with a strengthening momentum. Today the price touched the weekly S1 at 1.0223, but retreated and currently is traded around a 1.0251 level, which proved to be the support for a previous dip.

Bulls strengthen their position marginally, as the buy side increased by 6% to a 30% share. Such a change might be explained by the rapidly decreasing price, which creates an opportunity for speculators to try their luck with counter-trend positions. Placed orders segment is slightly bullish, but the advantage is only minor - 53% versus 47%.