The Australian Dollar traded with low volatility against the US Dollar on Wednesday. The 50– and 100– hour simple moving averages provided resistance for the exchange rate at 0.6854 during yesterday’s trading session.
The currency pair is currently moving towards a support cluster formed by the 200– hour SMA and the weekly pivot point at 0.6811.
If the support cluster holds, bulls could control the market within this trading session.
However, if the currency exchange rate breaks the 200-hour SMA, a decline towards the 0.6750 area could be expected today.
