The Australian Dollar depreciated about 54 base points against the US Dollar on Monday. The decline was stopped by a support level formed by the 200-hour SMA at 0.6962.
The exchange rate broke the 200-hour simple moving average during the morning hours of today’s trading session.
Given that the three SMAs are above the price level, it is likely that the AUD/USD currency pair will continue its decline during the following trading session.
However, a support cluster formed by the lower boundary of an ascending channel and the weekly S1 at 0.6947 could hinder bears from pushing the currency exchange rate further south today.
