The Australian Dollar fell by 150 basis points or 2.33% against the US Dollar on Wednesday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Currently, the exchange rate is testing the 200– hour simple moving average at 0.6268.
If the support level formed by the 200– hour SMA holds, a surge towards 0.6400 area could be expected today.
However, if the currency exchange rate breaks the support level, bearish traders might target the 0.6150 marks within this session.
