AUD/USD closed the downside gap

Although at first the pace of Aussie's anticipated depreciation remained fast, following an encounter with 1.0371/61, today the pair has already closed the bearish gap, while gaining the bullish momentum. Since from the technical perspective the bias towards AUD/USD is negative, the rally should be shallow, being capped by either 1.0336 or 1.0371/61.

The Australian Dollar stays less preferred than the greenback, as the share of long positions is 40% and shorts are 60% of the market, signifying that in aggregate traders are negatively biased towards AUD/USD. Meanwhile, the difference between buy (47%) and sell (53%) orders has narrowed considerably.