The Australian Dollar depreciated about 112 base points against the US Dollar on Wednesday. This decline started after the US Federal Reserve raised interest rates during yesterday’s trading session.
Everything being equal, it is likely that the currency exchange rate regains some of its lost positions within this trading session. The potential upside target will be near a resistance cluster formed by the 50– and 100-hour SMAs at the 0.7171 area.
However, the combination of the weekly and the monthly PPs at 0.7137 could hinder the AUD/USD pair from hitting target today.
