The Australian Dollar has been guided lower against the US Dollar by the 50-hour simple moving average. The currency pair reached a three-week low at 0.6907 during the Asian session on Monday.
Currently, the exchange rate is trading near a support level formed by the monthly S1 at 0.6895.
If the support level holds, a potential upside reversal could occur during the following trading session.
However, technical indicators suggest that the currency exchange rate might break the monthly support level today.
