The Australian Dollar depreciated about 32 base points against the US Dollar on Monday. The decline was stopped by a support cluster formed by the combination of the 50– and 200-hour SMAs and the weekly PP at 0.7103.
However, today’s trading session began with downside movement. By the middle of the European trading session, the exchange rate lost more than 60 base points. This drop was caused by remarks made by the Australian Central Bank about the health of the global economy.
Most likely, bullish traders could try to push the currency exchange rate back to the upper boundary of a junior descending channel at 0.7131 during the following trading session.
