The Australian Dollar declined by 53 points or 0.74% against the US Dollar on Monday. The currency pair breached the 50– hour simple moving average during Monday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to decline during the following trading session. The potential target for bearish traders would be near the monthly S1 at 0.6972.
However, the weekly support level at 0.7009 could provide support for the currency exchange rate in the shorter term.
