The Australian Dollar depreciated about 68 base points against the US Dollar on Wednesday. The 50-hour simple moving provided resistance for the exchange rate at 0.6897 during yesterday’s trading session.
Most likely, the currency pair will continue its downward swing within the following trading session. Bearish traders could drive the pair towards the weekly S2 at 0.6804 today.
Furthermore, technical indicators suggest selling signals on both the smaller and larger time frame charts.
