The Australian Dollar declined by 68 basis points or 0.95% against the US Dollar on Monday. The currency pair reversed from a support cluster formed by the weekly pivot point and the monthly S1 at 0.7081 during Monday’s trading session.
All things being equal, the exchange rate could make some upside move within the following trading session. The potential target for bullish traders will be near the weekly resistance level at 0.7216.
However, bulls could encounter a resistance cluster formed by the weekly pivot point and the 100– hour simple moving average at 0.7155.