On Monday, the AUD/USD currency pair edged lower by 0.49% in value. The Australian Dollar was pressured south by both the 50-, 100– and 200– hour simple moving averages.
The exchange rate bounced off a support level, formed by the 50.00% Fibonacci retracement level at 0.6754, during the morning hours of Tuesday’s trading session. By the middle of the European session, the rate has breached a resistance cluster set by all three SMAs at 0.6778.
By and large, the currency exchange rate might continue its upward momentum within this session. The possible target for bullish traders would be near a swing high at 0.6810.
