The Australian Dollar surged by 51 pips or 0.66% against the US Dollar on Monday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
Tuesday’s session began with bearish momentum. Most likely, the exchange rate could continue to edge lower today. The potential target for sellers will be near the weekly S2 at 0.7611.
However, the weekly support level at 0.7674 could provide support for the AUD/USD currency exchange rate in the shorter term.
