AUD/USD to confront 0.7560

As it turns out, the monthly S1 is not going to provide enough support for the Aussie. Accordingly, we are likely to see a deeper decline. Nevertheless, there are still significant upside risks, and demand at 0.7560 may well force the bears to retreat, though in the long run the selling pressure should prevail, and then we will see a probe of the lower boundary of the downward-sloping channel that has been forming since July 2014.

The distribution between the bulls and bears remains stable, and currently it is exactly the same as 10 days ago (67% are longs and 33% are shorts). As for the orders, the share of sell ones increased from 50 to 64%.