AUD/USD capped by 0.7260/50

So far today AUD/USD behaves as expected—the price bounced off of the 200-day SMA, and now it is moving towards the weekly pivot point. Eventually, the pair should slide down to last month's lows, wherefrom it will be well-positioned to launch an attack on the monthly S1 at 0.7014. In an unlikely turn of events, if resistance at 0.7260/50 is broken, then the next target will be a combination of the monthly pivot point with the 100-day SMA.

The share of bulls remains large—66%, but their dominance is slowly fading, as yesterday their share amounted to 72% and 74% five days ago. Most of the orders placed near the spot price are to purchase the Aussie, namely 64% of them.