The Australian Dollar has appreciated by 50 basis points or 0.74% in value against the US Dollar. The currency pair tested a resistance cluster formed by the 100– and 200– hour SMAs during the morning hours of Tuesday’s trading session.
If the resistance cluster holds, the AUD/USD exchange rate could continue to decline in the descending channel pattern.
However, if the currency exchange rate breaks the 100– and 200– hour simple moving averages, the next target for bullish traders during the following trading session will be at the weekly R1 at 0.6743
