Downside risks prevailed in the market on Monday, thus allowing the Australian Dollar to depreciated by about 60 base point against the US Dollar during the previous session.
The currency pair began today’s session with strong bullish momentum. However, the surge was stopped by the combination of the 200-hour simple moving average and the weekly PP at the 0.7256 region.
Technical indicators flash bearish signals on the 4(H) time frame. Therefore, it is likely that the currency exchange rate might continue its decline within this session and could target the monthly support level at 0.7200 today.
