The Australian Dollar edged higher by 27 points or 0.37% against the US Dollar on Monday. The surge was stopped by the monthly pivot point at 0.7192 during yesterday’s trading session.
Given that the exchange rate has breached the lower line of an ascending channel pattern, bearish traders are likely to target the 200– hour simple moving average at 0.7116 today.
However, a support level formed by the weekly PP at 0.7140 could provide support for the currency exchange rate in the shorter term.
