AUD/USD retreats from monthly R1

AUD/USD largely ignores the daily indicators and is rather following the signals shown by the studies on the weekly and monthly charts, as an attempt to return back above the monthly R1 so far appears to be unsuccessful. As a result, the currency pair is now testing the down-trend support line at 0.8953/40, which has a fairly high chance of preventing further sell-off, but only temporarily.

Apparently, some of the traders used the most recent dip in AUD/USD in order to buy the Aussie at a lower price, bringing the percentage of the long positions to 64% from yesterday's 62%. Meanwhile, the amounts of buy (52%) and sell (48%) orders remain more or less the same.