The Australian Dollar traded with low volatility against the US Dollar on Wednesday. The currency pair made just 23 base points movement during yesterday’s trading session.
If the exchange rate breaks a support level formed by the monthly pivot point at 0.6864, bears might drive the pair further south within this session. The potential target will be near the weekly S1 at 0.6820.
On the other hand, if a breakout occurs through the upper boundary of a counter-trendline at 0.6877, bullish traders are likely to push the currency exchange rate towards the weekly PP at 0.6913 today.