Bearish sentiment dominated the Australian Dollar against the US Dollar on Monday. As a result, the currency pair breached the lower boundary of a medium-term ascending channel at 0.7082.
The 50-hour simple moving average was providing resistance for the exchange rate during the first half of today’s trading session.
If the currency exchange rate passes the 50-hour SMA, the next upside target will be at near the weekly pivot point at 0.7139.
Although, if the resistance level as mentioned above holds, bearish traders could push the AUD/USD exchange rate towards the 0.7000 mark.