During yesterday’s trading session, the Australian Dollar edged lower by 66 pips against the US Dollar. The currency pair tested a support cluster at 0.6961 at the end of Friday’s trading session.
The exchange rate bounced off the support cluster formed by the 200-hour simple moving average and the weekly pivot point at 0.6961 during the Asian session on Tuesday.
As for the near future, it is likely that the currency exchange rate regains some of its lost position. Bullish traders might target a swing high at 0.7040 during the following trading session.
