The Australian Dollar has depreciated about 0.52% in value against the US Dollar since yesterday’s trading session. The currency pair breached the 50– and 100– hour SMAs on Monday.
Currently, the AUD/USD exchange rate is testing a resistance cluster formed by the 50– and 100– hour simple moving averages at 0.6807.
If the currency exchange rate breaks the cluster, a surge towards the 0.6835 could be expected today.
However, if the resistance cluster holds, bearish traders could continue to drive the price lower within this session.