The Australian Dollar appreciated about 56 base points against the US Dollar on Tuesday. The currency pair tested a resistance level formed by the weekly R1 at 0.7201 during yesterday’s trading session.
As for the near future, it is likely that the AUD/USD exchange rate makes a brief retracement towards a support cluster formed by the 100– and 200-hour simple moving averages at 0.7143.
A possible upside sentiment from the support cluster as mentioned earlier could follow afterwards.
