The Australian Dollar traded below the 0.7200 level against the US Dollar on Monday. The 100– hour simple moving average provided resistance for the currency pair during yesterday’s trading session.
If the resistance level formed by the 100– hour SMA holds, sellers could pressure the AUD/USD exchange rate towards the 0.7120 area during the following trading session.
However, if the currency exchange rate breaks the resistance line, a surge towards the 0.7200 marks could be expected today.
