The Australian Dollar appreciated about 69 base points against the US Dollar on Tuesday. The surged was stopped by a traditional weekly resistance level at 0.7177 during yesterday’s session.
The exchange rate hovered below the traditional resistance level during the first half of Wednesday’s trading session.
By and large, it is likely that the currency exchange rate could decline towards the 50-hour simple moving average at 0.7141 within this session.
A potential upside movement could be introduced in the market during the following trading hours if the 50-hour SMA holds.
