The Australian Dollar has depreciated about 1.34% in value against the US Dollar since the beginning of May. The currency pair was pressured south by the 50-hour simple moving average.
As for the near future, it is likely that bullish traders would aim for a resistance level formed by the 100-hour SMA at 0.7022.
However, a resistance level set by the 50-hour SMA at 0.7002 could hinder such movement within this session.
Meanwhile, technical indicators suggest that bears could drive the currency exchange rate down today.
