The Australian Dollar appreciated by 1.35% in value against the US Dollar on Monday. The currency pair made a U-turn down from the weekly R1 at 0.6785 during yesterday’s trading session.
The exchange rate might continue to edge lower until it reaches a support level formed by the 50.00% Fibonacci retracement level at 0.6738.
If the support level holds, the AUD/USD pair will most likely continue to edge up within this session.
Although, if the currency exchange rate breaches the 50.00% Fibo, the next support level will be at the 0.6727 marks, located near the 61.80% Fibonacci level.
