The Australian Dollar has declined by 76 basis points or 1.00% against the US Dollar since Friday’s trading session. The currency pair breached the 50– and 100– hour SMAs during this period.
As for the near future, the exchange rate is likely to continue to edge lower. Bearish traders could target the lower line of an ascending channel pattern at 0.7480 within this session.
However, a support cluster at 0.7544 could provide support for the AUD/USD currency exchange rate during the following trading session.
