AUD/USD rebounds from 0.9387

A breach of 0.9387 was not confirmed yesterday and now AUD/USD is quickly advancing towards the nearest resistances, the closest of which is located at 0.9594/34. If the price is to preserve the upward tendency, it will then encounter the weekly R1 at 0.9677 and the May 21 high at 0.9843. However, technical indicators remain mixed, meaning there is a low probability of sharp moves either up or down.

An absolute majority (72%) of traders carry on holding long positions on AUD/USD, believing that the pair bottomed out and is going to move towards the banks' forecasts, most of which are above the parity. The distribution between the buy and sell orders in the meantime is 36% to 64%.