The Australian Dollar has depreciated by 51 basis points against the US Dollar since yesterday’s trading session. The currency pair breached the 50-, 100– and 200– hour SMAs since the previous session.
Given that the exchange rate has breached the 50-, 100– and 200– hour simple moving averages, bearish traders will most likely continue to dominate the AUD/USD pair within this session.
However, a support cluster formed by the 200– hour SMA and the 61.80% Fibonacci retracement level at 0.6854 could provide support for the currency exchange rate during the following trading session
