The 50-hour simple moving average has been guiding the Australian Dollar lower against the US Dollar since July 22. The currency pair tested the monthly S1 at 0.6759 during Friday’s trading session.
Currently, the exchange rate is trading near a support cluster formed by the monthly S1 and the weekly S1 at 0.6739.
If the cluster holds, a potential upside reversal could occur within the following trading session.
Although, if the currency exchange rate passes the support cluster, a decline towards the weekly S2 at 0.6670 could be expected today.
