The Australian Dollar depreciated about 48 basis points against the US Dollar on Monday. The decline was stopped by the weekly pivot point at 0.6883 during yesterday’s trading session.
However, the currency pair made a U-turn from the weekly PP during the first half of today’s trading session.
Everything being equal, the AUD/USD exchange rate will likely aim at the weekly R1 at 0.6957 today.
A potential downside reversal could occur from the weekly R1, as mentioned above, within the following trading session.
