The Australian Dollar depreciated about 42 base points against the US Dollar on Wednesday. The decline was stopped by a support level formed by the 100-hour simple moving average at 0.6965.
If the support level set by the 100-hour SMA holds, the AUD/USD currency pair will continue its upside swing during the following trading session.
However, if the currency exchange rate breaks the support line as mentioned above, a decline towards the 200-hour SMA at 0.6943 could be expected in the nearest future.
