AUD/USD re-tests 1.0243/21

AUD/USD has fallen sharply yesterday, effortlessly piercing through the initial target at 1.0299 and managing to reach 1.0243/21 during the day. Previously this support has proven to be quite strong, denying access to lower levels, such as 1.0151 and 1.0127/12. Nevertheless, the bears are expected to overcome this obstacle in the end, but again start showing weakness ahead of the down-trend support line.

Presumably, a fall of AUD/USD encouraged some of the market participants to cover their shorts, as the number of bearish traders has diminished from 68% to 60% during the day. Meanwhile, the difference between the buy and sell orders has widened to 14%, with the latter ones being in a majority.