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 monthly S1 at 0.6759 during yesterday’s trading session.
The exchange rate reversed from the monthly S1 during the morning hours of today’s session. Most likely, the AUD/USD pair could aim for a resistance cluster at 0.6828 by the end of the session.
If the resistance cluster formed by the weekly pivot point and the 100-hour simple moving average holds, the currency exchange rate might continue its downside swing within the following trading session.
