The Australian Dollar declined by 56 points or 0.80% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs during Tuesday’s trading session.
Given that the exchange rate has breached the 50– and 100– hour SMAs and the lower boundary of an ascending channel pattern, a decline towards the 0.6900 level could occur today.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6928 and target the weekly R1 at 0.6979 during the following trading session.
