The 50– hour simple moving average has continued to pressure the Australian Dollar lower against the US Dollar. The currency pair declined by 83 pips or 1.34% in value during yesterday’s trading session.
Technical indicators suggest selling signals on both the smaller and the larger time-frame charts.
Most likely, the exchange rate will likely continue to edge lower within this session. The potential target will be at the 0.5950 area.
However, if the support level at 0.6027 holds, the currency exchange rate might make a slight upward movement today.
