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    AUD/USD risks falling under 0.74

    © Dukascopy Bank SA
    "The main game in town this week remains the Fed and while the probability of a March hike is sitting at just 6 percent, (Fed chair Janet) Yellen is expected to keep open the possibility of rate hikes in the coming months if the data stays resilient." 
    - ANZ Bank New Zealand (based on The New Zealand Herald) 

    Pair's Outlook 
    The Australian currency has been declining against the US Dollar ever since it touched the 0.76 major level on Monday. The pair now risks dropping as low as the 200-day SMA around 0.7244, namely where the given SMA coincides with the weekly S3 and the nine-week up-trend. The first obstacle, however, is the monthly R2 at 0.7409, as this level kept the pair from edging lower during the preceding week. Technical studies, on the other hand, are giving bullish signals in the daily timeframe, implying that the 0.75 major level could be retaken by day's end. In case of a rally, the monthly R3 at 0.7560 is expected to provide sufficient resistance to limit the gains. 

    Traders' Sentiment 
    Bullish traders' sentiment remains unchanged at 69%, whereas the portion of sell orders returned to its Monday's level of 60%.
    © Dukascopy Bank SA

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