The Australian Dollar appreciated about 70 base points against the US Dollar on Tuesday. The currency pair breached both the 100– and 200-hour SMAs at 0.7228 during the end of the previous session.
However, after hitting the simple moving averages during the early hours of today’s trading session, the exchange rate began to depreciate. By the middle of the European trading session, the pair has lost about 45 pips.
By and large, it is likely that bearish traders could push the rate towards the lower boundary of an uptrend line at 0.7174 today.
