AUD/USD offsets gains

As feared, AUD/USD's surge from the 2012 low at 0.9577 did not prove to be sustainable, failing to extend up to the weekly R2 at 0.9783, let alone May 21 high at 0.9843, although there is still a chance of such a move in the short term. Accordingly, we would expect more action near the closest supports, namely at 0.9614 and 0.9577.

The latest bearish price action was not comfortable for some of the traders, being that the percentage of bulls declined to 70%, though it appears that an overwhelming majority is looking for a long-term growth of Aussie's price. The share of buy orders was considerably altered overnight, it fell from 62% to 48%.