The upward momentum of the Australian dollar halted on Monday after eight consecutive sessions of gains vs.
AUD/USD reversed its multi-session positive streak on Monday. The 0.6600 region continues to cap the upside bias. Iron ore prices retreated to four-month lows on Chinese jitters. the US Dollar . In fact, AUD/USD reversed its upward trend despite the continuation of the sell-off in the Greenback and exclusively in response to the marked drop in prices of the tonne of iron ore, which reached multi-month lows near $126.
A rebound in the Chinese economy is also anticipated to coincide with an increase in commodity prices, further supporting the AUD. Moreover, the cautious stance of the Reserve Bank of Australia is likely to prevent substantial downward pressure on the Australian dollar. AUD/USD daily chart AUD/USD short-term technical outlook After clearing the weekly top of 0.6595 , AUD/USD might retest the temporary 55-day SMA at 0.6627, which coincides with the late-January peaks .
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