The Australian Dollar declined by 110 pips or 1.56% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs during Tuesday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to edge lower within the following trading session. The potential target for sellers could be near the support cluster at 0.6875.
However, given that the currency exchange rate has breached the 50– and 100– hour SMAs during the Asian session on Wednesday, a surge towards the 0.7050 area could be expected today.
