The Australian Dollar declined by 62 basis points or 0.84% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7340 during yesterday’s trading session.
The AUD/USD pair bounced off from the support line during the Asian session on Tuesday. Most likely, bullish traders might pressure the exchange rate towards the 0.7420 level within this session.
However, a resistance line formed by the 50– hour SMA at 0.7375 could provide resistance for the currency exchange rate in the shorter term.
