Since yesterday’s trading session, the Australian Dollar has declined by 51 pips or 0.77% in value against the US Dollar. The currency pair was pressured lower by the 50– hour simple moving average.
Currently, the exchange rate is testing a support cluster formed by the weekly S1 and the monthly S1 at the 0.6561 regions.
If the support cluster holds, the AUD/USD pair could make a slight upward movement within this session.
However, if the currency exchange rate breaks the cluster, the next target for bearish traders would be at the 0.6540 area.