AUD/USD faces no serious demand at 0.76

Though AUD/USD has already reached 0.76, which stopped Aussie's depreciation last month, the bulls remain inactive. Accordingly, the price is likely to keep moving south. A small rebound may be expected around 0.7470, where the monthly S1 merges with the weekly S3, but the general direction should stay bearish. En route to the lower trend-line of the channel the pair will also encounter the monthly S2 at 0.7326, but again, the upside risks are now decreased.

Only yesterday we praised stability of the sentiment towards AUD/USD, and during the last 24 hours the share of longs fell from 66 to 62%. Meanwhile, the orders set 100 pips around the spot reached perfect equilibrium.