The current bearish move in the market of AUDUSD, which started on August 6th, used to be seen by currency speculators as a good chance to buy low. Judging by the trading volume, they didn’t miss a chance to enter the market. Societe Generale reports that the amount of net purchases of AUDUSD futures at IMM has just reached 52 894, thus confirming the tendency seen over the last 2 weeks.
Despite the fact that this is not the biggest volume, it still looks considerable. If there is no strengthening amid the bearish technical picture may provoke a sellout, which obviously increase the probability of a further downtrend.
According to , the Aussie is still retracing against a major uptrend versus the US Dollar. The experts report that AUDUSD is forming wave В(С) of H8 inside a bigger-scale upswing.
A further downswing (if there is a break below 1.0454 ) will probably meet support around 1.0437 and the bottom of the MF sloping channel. The current bearish move will be completed as soon as the price overcomes the topof the MF sloping channel and consolidates above 1.0538. (as shown below).
