The 50-hour simple moving average continued to pressure the Australian Dollar lower against the US Dollar. The exchange rate declined by about 26 basis points on Tuesday.
The currency pair has continued to trade near a support cluster formed by the weekly S1 and the monthly pivot point at 0.6830. From a theoretical point of view, the support cluster is expected to hold within this session.
However, if the currency exchange rate passes the support cluster, a potential breakout through the lower boundary of a descending channel pattern is likely to occur within the following trading session.
