The Australian Dollar depreciated about 30 basis points against the US Dollar on Tuesday. The 200– hour simple moving average restricted the currency pair from edging higher during yesterday’s trading session.
The exchange rate tested the 50.00% Fibonacci retracement level at 0.6740 during the first part of Wednesday’s session.
Given that the currency exchange rate has bounced off the 50.00% Fibo levels, bulls would likely prevail in the market today.
However, bullish traders might encounter a resistance cluster formed by the weekly and the monthly PPs at the 0.6750 area.
