The Australian Dollar edged lower by over 45 base points against the US Dollar on Tuesday. The currency pair breached both the 50– and 100-hour SMAs during yesterday’s trading session.
Everything being equal, it is likely that the AUD/USD exchange rate could depreciate in values with this session. The potential downside targets will be near the 200-hour simple moving average at 0.7164.
However, technical indicators flash bullish signals. Therefore the currency exchange rate is likely to reverse from a support level formed by the weekly pivot point at 0.7187.
