The Australian Dollar declined by 86 basis points or 1.31% against the US Dollar on Monday. The 100– and 200– hour SMAs provided support for the currency pair during yesterday’s trading session.
The decline continued during the Asian session on Tuesday. As a result, the exchange rate breached the lower boundary of an ascending channel pattern. Most likely, the AUD/USD will continue to decline today. The possible target for bearish traders would be at the weekly support line at 0.6419.
However, the weekly pivot point at 0.6483 could provide resistance for the currency exchange rate within this session.
