The Australian Dollar depreciated about 30 basis points against the US Dollar on Tuesday. The currency pair breached both the 50– hour SMA at 0.6863 and 100– hour simple moving average at 0.6847 during yesterday’s session.
The AUD/USD exchange rate will likely continue to decline today. The next target for bearish traders would be at a support cluster formed by the weekly pivot point and the 200– hour SMA at 0.6811.
If the support cluster holds, a potential upside reversal could occur within the following trading session.
