The Australian Dollar has declined by 68 pips or 0.94% against the US Dollar since Monday’s trading session. The currency pair breached the 50-, 100– and 200– hour SMAs during the Asian session on Tuesday.
As for the near future, the exchange rate might continue to edge lower during the following trading session. The potential target would be near the lower boundary of an ascending channel pattern at 0.7142.
However, a support cluster formed by the 100– and 200– hour simple moving averages at the 0.7176 could provide support for the currency exchange rate in the shorter term.
