AUD/USD prepares to test 0.92

Yesterday the pair confirmed presence of an accelerated falling resistance trend-line and slid down to the weekly S1. Now the Aussie should target the May low near 0.92, but the bears are likely to have trouble pushing the rate beneath this level, since it is reinforced by the monthly S1 and 200-day SMA. Accordingly, a base case scenario is a return to this year's high, while a violation of this support may entail a sell-off down to 0.8660 (2014 low).

SWFX traders are becoming optimistic regarding the prospects of AUD/USD, being that the portion of bulls expanded from 52 to 60%. Meanwhile, there are also more commands to buy—59 yesterday and 67% today.