The Australian Dollar declined by 46 points or 0.61% against the US Dollar on Monday. The currency pair breached the 50– hour simple moving average during Monday’s trading session.
Currently, the exchange rate is testing a support level formed by the 100– hour SMA at 0.7510.
If the support line holds, bullish traders are likely to pressure the AUD/USD pair higher today.
However, if the currency exchange rate breaks 100– hour moving average, the next target for bears would be near the lower line of an ascending channel at 0.7440.
