The Australian Dollar has depreciated about 110 base points against the US Dollar since yesterday’s trading session. The currency pair reached a six-week low level during Tuesday’s session.
Everything being equal, it is likely that the AUD/USD exchange rate regain some of its lost points today. Bulls could push the price towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 0.7097.
If the resistance cluster as mentioned earlier holds, the currency exchange rate will continue its downward movement during the following trading session.