The Australian Dollar declined by 60 pips or 0.82% against the US Dollar on Monday. The currency pair tested the 200– hour simple moving average at 0.7289 during yesterday’s trading session.
The exchange rate bounced off the bottom border of an ascending channel pattern at 0.7280 during the Asian session on Tuesday. Most likely, the AUD/USD pair could continue to edge higher within this session.
However, the weekly R1 at 0.7340 could provide resistance for the currency exchange rate during the following trading session.