AUD/USD hits the ceiling

The Australian Dollar did not waste time yesterday and came close to touching the upper trend-line of the multi-month bearish channel. The bias is therefore negative, as we expect emergence of a new down-leg in the near future. By the end of the next week AUD/USD should already pierce through the monthly S1. The next target will be 0.68, where the lower boundary of the pattern coincides with the monthly S2.

Bears are outnumbered by a wide margin. While they take up only 28% of the market, 72% of open positions are long. As for the pending commands, just like yesterday, there is still no notable difference between the buy (54%) and sell (46%) ones.