The Australian Dollar appreciated about 23 basis points against the US Dollar on Tuesday. The surge was stopped by the 100– hour simple moving average at 0.6786 during yesterday’s trading session.
All things being equal, the 100– hour SMA is likely to continue to pressure the currency pair lower within this session. The pair could target the weekly S1 at 0.6763.
If the support level holds, the AUD/USD exchange rate will make an upside reverse in the nearest future.
However, if the currency exchange rate passes the weekly S1, the next target for bearish traders would be at the 0.6744.
