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    AUD/USD retreats from monthly R3

    © Dukascopy Bank SA
    "We would expect a down day for the Aussie given that we have a sea of red in regional equities, backed by a steep dive in iron ore prices."
    - Sean Callow, Westpac (based on The Sydney Morning Herald)

    Pair's Outlook
    The rally started this month is having trouble with the monthly R3, which is not letting AUD/USD to ascend beyond 0.7560. The outlook is still bullish, but before the rally is resumed the rate may well drop down to the monthly R2 and December high at 0.7410/0.7385. The medium-term bias will remain positive until the three-month up-trend (currently at 0.7250) stays intact. At the moment, this rising line is also strengthened by the monthly R1 level and the 200-day simple moving average.

    Traders' Sentiment
    Bulls stand firm—just as 24 hours ago, 69% of open positions in the SWFX market are long. As for the pending orders, 58% of commands are to sell the Australian Dollar against its US counterpart.

    © Dukascopy Bank SA

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