The 50– hour simple moving average has pressured the Australian Dollar lower against the US Dollar since yesterday’s trading session.
The currency pair is currently trading near a support cluster formed by the monthly pivot point and the weekly S1 at 0.6830.
If the support cluster holds, a potential upside reversal could occur within the following trading session.
However, if the currency exchange rate passes the support line, the next target for a bearish trader will be at the 0.6800 mark.
Meanwhile, technical indicators flash bearish signals on the 4(H) time-frame chart.