On Tuesday, the Australian Dollar declined by 79 pips or 1.08% against the US Dollar. The AUD/USD currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be near the 0.7200 level.
However, the currency exchange rate could find support at 0.7227 within Wednesday’s trading session.
