The 50– hour simple moving average provided resistance for the AUD/USD exchange rate on Tuesday. As a result, the Australian Dollar fell by 40 pips or 0.52% against the US Dollar during Tuesday’s trading session.
Currently, the currency pair is trading near a resistance line formed by the 50– hour SMA at 0.7700.
If the resistance level holds, bearish traders could pressure the price lower within this session.
However, if the currency exchange rate breaks the 50– hour moving average, the next target for buyers would be near the 0.7740 area.
