The Australian Dollar has depreciated by about 45 basis points against the US Dollar since yesterday’s trading session. Though, today’s session began with a bullish sentiment.
The currency pair is currently located near the 50– and 100– hour SMAs at the 0.6895 area.
If the exchange rate breaks the resistance levels, formed by the 50– and 100– hour SMAs, a surge towards the 0.6926 area could follow.
However, if the cluster holds, bearish traders could drive the currency exchange rate downwards during the following trading session.
