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.

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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.


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