The Australian Dollar depreciated about 51 base points against the US Dollar on Monday. The decline was stopped by a support level formed by the monthly pivot point at 0.7104.
The AUD/USD currency pair tested a resistance cluster formed by the 100-hour simple moving average and the weekly PP at 0.7118 during the middle of Tuesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will edge lower towards the lower boundary of an ascending channel pattern at 0.7083 during the following trading session.
However, the 200-hour SMA at 0.7104 could provide support for the pair today.
