The 50– hour simple moving average guided the Australian Dollar against the US Dollar on Wednesday. The currency pair made about 88 pips during Wednesday’s trading session.
Currently, the exchange rate is trading near a support level formed by the 50– hour SMA at 0.6910.
If the support level holds, bullish traders could continue to pressure the price higher within this session.
However, if the currency exchange rate breaks the 50– hour SMA, a decline towards the 0.6805 could be expected today.
