The Australian Dollar depreciated about 289 base points against the US Dollar on Wednesday. The currency pair tested a psychological support level at the 0.6800 during the previous trading session.
However, the exchange rate began today’s trading session with about 130 pips gains. The pair could possibly target a resistance level formed by the 50– and 100-hour SMAs at 0.7007 today.
Although, technical indicators suggest that the currency exchange rate is likely to continue its southern movement during the following trading session.
