The Australian Dollar has appreciated about 44 basis points against the US Dollar since yesterday’s trading session.
Currently, the 50– hour simple moving average is providing support for the exchange rate at 0.6701.
If the support level holds, a surge towards the 200– hour SMA at 0.6749 could be expected today.
However, if the currency pair breaks the support level, bears could drive the price towards the lower boundary of a descending channel at 0.6659 during the following trading session.
