AUD/USD touched 1.0403/1.0387

The currency pair has approached a confluence of supports, consisting of the 100 and 200-day SMA, apart from the monthly R1, telling us that extension of the dip is viewed as a less likely scenario than resumption of the rally started in the very beginning of March. Consequently, the focus in the observable future should be on the nearby resistances—1.0417, 1.0459 and 1.0491.

Broad expectations of weaker Australian Dollar (74%) are reflected in traders' sentiment towards AUD/USD, which is strongly bearish, as 73% of positions are bets that the pair will decline. In a battle between buy and sell orders, the advantage is currently on the side of the former, since they constitute 65% of the sum.