AUD/USD could be forming a double top pattern

AUD/USD finds difficulties in sustaining a constant appreciation and is thus probable to prove to be lacking bullish momentum to successfully challenge 1.0560/34, a scenario which in turn would open a way towards 1.0625 and 1.0680. Accordingly, there is an increasing likelihood of an emerging dip that, after breaching supports at 1.0462/36 and 1.0397/95, will target 1.0316/1.0294.

The gap between the amounts of long and short positions has widened even further, as bulls constitute only 27% of the market, while bears enjoy majority—73% of it. As for the orders, negative sentiment is less distinct there, since 56% of them are to get rid of the Australian Dollar.