AUD/USD hesitates near 0.76

AUD/USD is now in the vicinity of a dense demand area at 0.76, which may well initiate a rally back to the down-trend at 0.78. However, the currency pair is still within the boundaries of a bearish channel, meaning the overall outlook on the Aussie is negative. Accordingly, the Mar 11 minimum should eventually be surpassed, and this in turn is expected to entail a slide towards the lower trend-line forming the pattern.

Traders in AUD/USD are characterised by their consistency, as the distribution between the longs (66%) and shorts (34%) stayed almost the same during the last 10 days. In the meantime, the portion of sell orders fell from 64 to 58%.